Japanese
stocks jumped for a second day, heading for the biggest two-day rally
since November, as a U.S. equity rebound bolstered investor appetite for
risk assets.
The
Topix index climbed 1.7 percent to 1,504.47 as of 9 a.m. in Tokyo,
building on Wednesday’s 3.2 percent gain, as all of its 33 industry
groups advanced. The Nikkei 225 Stock Average added 1.5 percent to
18,658.53. The yen weakened for a third day, trading at 120 per dollar.
Shares in the U.S. staged the biggest rally since 2011, halting a
six-day rout, as dovish words from the Federal Reserve helped soothe
investor concern about an economic slowdown and stock-market turmoil in
China.
Japanese
investors will be watching Chinese equities, and continued declines in
Shanghai would weigh on sentiment, Akino said. The Shanghai Composite
Index fell for a fifth day Wednesday as lower interest rates failed to
halt a $5 trillion rout. Futures on the FTSE China A50 Index gained 1.7
percent in most recent trading.
Concern
about the outlook for the world’s second-largest economy has roiled
global markets since China unexpectedly devalued its currency more than
two weeks ago. The turmoil has weakened the case for raising U.S. rates
in September, Fed Bank of New York President William C. Dudley said,
cautioning that it’s important not to overreact to short-term
developments.
Source : Bloomberg
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