Japanese shares rose
before a central bank decision on whether to add to record monetary
easing, as precision-instrument makers and insurance companies led
gains.
The Topix index added
0.5 percent to 1,469.11 as of 9:01 a.m. in Tokyo. The measure slid 1.2
percent on Monday as Chinese equities declined. The Nikkei 225 Stock
Average climbed 0.6 percent today to 18,074.76, while the yen weakened
0.1 percent to 120.36 per dollar, halting two days of gains. Investors
are focusing on the outcome of the Bank of Japan’s two-day meeting
before turning their attention to the Federal Reserve later in the week.
The U.S. central bank decides on Thursday whether to raise interest
rates for the first time since 2006.
Thirty-three of 35
economists project the BOJ will maintain the current pace of monetary
stimulus, while two forecast an expansion. More than a third see the
central bank adding to current easing by the end of next month.
Inflation in July slowed to zero for the third time this year,
increasing pressure on Governor Haruhiko Kuroda. He said in August that
the BOJ could meet its 2 percent price target with the current level of
stimulus.
China’s stocks fell
the most in three weeks on Monday, with the Shanghai Composite Index
retreating 2.7 percent after data over the weekend added to concern the
economic slowdown is deepening and traders gauged the level of state
support for equities.
E-mini futures on the
Standard & Poor’s 500 Index advanced 0.1 percent on Tuesday. The
underlying equity measure slid 0.4 percent in New York on Monday, with
Yahoo Inc. and Alibaba Group Holding Ltd. dropping at least 3.1 percent.
With two days to go
until the Fed’s statement, interest-rate futures put the odds of a hike
this week at 28 percent, down from more than 50 percent before China
roiled markets with its surprise currency devaluation.
Source : Bloomberg
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