Japanese
stocks rose, with the Topix headed for a third day of gains, as the yen
touched a seven-year low against the dollar after minutes of the
Federal Reserve highlighted a divergence in global monetary policy.
The
Topix added 0.6 percent to 1,404.81 as of 9:01 a.m. in Tokyo, with all
of its 33 industry groups rising. The Nikkei 225 Stock Average gained
0.7 percent to 17,403.86. The yen traded at 118.15 per dollar after
slumping to 118.25, its weakest level since August 2007.
The
Topix rose the past two days as Prime Minister Shinzo Abe postponed a
planned sales-tax increase, called a snap election and ordered his
ministers to start preparing a stimulus package after a report this week
showed the economy had fallen back into recession. A report today
showed exports rose 9.6 percent in October from a year earlier, beating
the 6.9 percent estimate of economists surveyed by Bloomberg.
The
BOJ yesterday concluded a two-day policy meeting and kept a pledge to
expand the monetary base at an annual pace of 80 trillion yen, as
forecast by all 31 economists in a Bloomberg News survey.
In
the U.S., policy makers weighed their commitment to holding key rates
near zero for a œconsiderable time, according to minutes of the Feds
October review released yesterday.
Source : Bloomberg
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