Japanese
stocks rose for a fourth day as the yen fell and U.S. consumer spending
increased, boosting the outlook for exporters to the world’s biggest
economy.
The
Topix index added 0.4 percent to 1,530.89 as of 9:01 in Tokyo, after
closing yesterday at the highest level since December 2007. All but five
of its 33 industry groups rose. The Nikkei 225 Stock Average advanced
0.4 percent to 18,896.58, extending a 15-year high. The yen fell 0.1
percent to 120.21 per dollar, weakening for a fourth day.
Futures
on the Standard & Poor’s 500 Index were little changed after the
underlying U.S. gauge added 0.6 percent in New York on Monday as a
Commerce Department a report showed purchases adjusted for inflation
rose 0.3 percent in January after falling 0.1 percent the prior month.
The
spending report drove gains in the dollar against the yen as
speculation increased that the Federal Reserve will raise interest rates
before year end. Fed Chair Janet Yellen said last week the timing of
any increase in borrowing costs will depend on economic data.
Shares
of Sharp Corp. were suspended pending clarification of a report in the
Nikkei newspaper that the company will seek investment from its lenders,
including a 150 billion yen ($1.25 billion) debt-for-equity swap. Sharp
said it is considering options to restructure operations and no
decision has been made.
Source: Bloomberg
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