Japanese stocks rose
for an eighth day after closing Monday at the highest level since 2007,
with oil producers and utilities leading the advance.
The Topix index added
0.1 percent to 1,661.21 as of 9:02 a.m. in Tokyo. The Nikkei 225 Stock
Average gained 0.2 percent to 20,454.46, extending a 15-year high. U.S.
cash-equity markets were closed Monday for the Memorial Day holiday. The
yen slipped 0.1 percent to 121.69 per dollar.
The nation’s exports
rose more than forecast in April, a report showed Monday, after data
last week indicated gross domestic product expanded for a second
quarter. The Topix, which has climbed 18 percent this year, trades at
16.1 times estimated earnings, compared with 18 times for the Standard
& Poor’s 500 Index.
Suntory Beverage &
Food Ltd., which sells PepsiCo Inc. drinks in Asia, rose 1.4 percent
after saying it will buy Japan Tobacco Inc.’s vending machines for about
150 billion yen ($1.2 billion) to add to its own, closing a
distribution gap with Coca-Cola Co. in the country.
Source: Bloomberg
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