Japanese stocks rose
for a second day after the yen weakened against the dollar amid
better-than-estimated U.S. economic data and as investors weigh company
earnings.
The Topix index added
0.8 percent to 1,679.92 as of 9:01 a.m. in Tokyo, with all but three of
its 33 industry groups rising. The Nikkei 225 Stock Average climbed 0.7
percent to 20,756.69. The yen traded at 124.79 per dollar after
weakening 0.4 percent on Wednesday, a third day of losses, as
services-industry data indicated the U.S. economy is on track for faster
growth, raising prospects for an interest-rate hike next month.
More than 160 firms on
the Topix index report earnings on Thursday. Of the companies that have
reported quarterly results this season and for which estimates are
available, 63 percent exceeded profit expectations, an improvement from
the 48 percent that beat forecasts in the previous quarter, according to
data compiled by Bloomberg.
Source: Bloomberg
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