Japanese
stocks rose, buoyed by exporters, as the yen traded near its weakest
against the dollar since 2002 after a strong U.S. jobs report.
The
Topix index climbed 0.4 percent to 1,671.87 as of 9:06 a.m. in Tokyo
after falling 0.4 percent last week for its first weekly decline in a
month. The Nikkei 225 Stock Average added 0.4 percent Monday to
20,534.83. The yen traded at 125.58 per dollar after weakening 1 percent
on Friday as the payrolls report fueled bets the U.S. economy can
withstand higher interest rates. Japan’s economy expanded more than
estimated in the first quarter, data showed today.
The
odds of an interest rate hike in September improved after the best
report on U.S. jobs in five months. Employers added 280,000 workers in
May, beating economist estimates for 226,000, figures from the Labor
Department showed Friday. Average hourly earnings rose 2.3 percent from a
year earlier, exceeding the average gain since the current expansion
began six years ago.
Japan’s
economy grew at an annualized pace of 3.9 percent in the first quarter,
revised higher from an initial reading of 2.4 percent, a report showed
today. Economists surveyed by Bloomberg had predicted an expansion of
2.8 percent.
Source : Bloomberg
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