Japanese
stocks rose, paring a second weekly decline on the Topix index, as the
yen weakened against the dollar and U.S. data on retail sales and jobs
bolstered confidence in the strength of the world’s biggest economy.
The
Topix index gained 0.2 percent to 1,652.89 as of 9:01 a.m. in Tokyo,
heading for a 0.9 percent weekly decline. The Nikkei 225 Stock Average
advanced 0.2 percent to 20,423.43. The yen traded at 123.58 per dollar
after falling 0.6 percent on Thursday. Japanese trading may be volatile
on Friday as equity-index options and futures contracts expire.
The
Standard & Poor’s 500 Index rose 0.2 percent in New York on
Thursday after data showed sales at retailers picked up in May and
applications for unemployment benefits remained below 300,000 for a 14th
straight week, a sign of labor market strength. E-mini futures on the
S&P 500 slipped 0.1 percent.
The
Japanese yen is weak, though still around an appropriate level to
reflect Japan’s fundamentals, said Naoyuki Shinohara, a former top
currency official at the finance ministry.
Source : Bloomberg
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