Mitsubishi Heavy rises after Australian defense deal
Defense company Mitsubishi Heavy rose nearly 4 percent after Japan finalized an agreement with Australia to build three frigates, CNBC reports. It will be Japan's first export project for warships.
ANNONS
The deal is worth around 10 billion Australian dollars and is part of a larger effort in which Australia plans up to 11 ships for a total of 20 billion Australian dollars. The ships are to replace older units, and the contract was won ahead of Germany's Thyssenkrupp.
The background is increased security tensions in the region, where Australia points to China's military buildup as a key factor.
