Japan Stocks Rise as Yen Weakens, Investors Weigh China Rate Cut

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Japanese stocks rose, led by shippers, as the yen fell for a third day and investors weighed an interest-rate cut by China amid signs the world’s second-biggest economy is weakening.

The Topix index added 0.3 percent to 1,528.13 as of 9:02 a.m. in Tokyo, with two stocks advancing for each that fell. The gauge rose 1.6 percent last week to cap a 7.7 percent jump in February, the most since September 2013. The Nikkei 225 Stock Average gained 0.3 percent to 18,862.71. The yen fell 0.2 percent to 119.83 per dollar.

A Chinese purchasing managers’ index released on Sunday signaled contraction in factory output again in February, a day after the central bank stepped up support for the economy with its second cut to benchmark interest rates in three months.

The interest-rate reduction announced late Saturday comes days before an annual gathering of China’s lawmakers, who will approve the budget and announce a 2015 growth goal that most economists expect will be lowered to about 7 percent. The move to join global counterparts with more easing reflects deepening concern over an economy squeezed by a property slump, tighter controls over local government debt and capital outflows.

Source : Bloomberg