Asian Stocks Follow U.S. Shares Higher on Consumer Spending, Yen

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Asian stocks rose after U.S. equities climbed to records as rising consumer spending signaled strength in the world’s largest economy. Japanese shares gained after the yen weakened.

The MSCI Asia Pacific Index advanced 0.1 percent to 146.31 as of 9:02 a.m. in Tokyo. The Topix index added 0.4 percent. Both the Standard & Poor’s 500 Index and the Dow Jones Industrial Average rallied to all-time highs as data showed U.S. consumer purchases rose 0.3 percent in January, adjusted for inflation, adding to signs the recovery is on a strong footing as the Federal Reserve assesses inflation and jobs data to gauge the timeline for raising interest rates.

Japan’s Nikkei 225 Stock Average climbed 0.4 percent as the yen held Monday’s 0.4 percent loss to trade at 120.17 per dollar.

Source : Bloomberg