Japanese stocks
advanced as the yen weakened against the dollar after a
better-than-expected U.S. jobs report boosted the odds that the Federal
Reserve will raise interest rates next month.
The Topix index added
0.8 percent to 1,575.57 as of 9:01 a.m. in Tokyo, extending a 14 percent
surge from an eight-month low on Sept. 29. The Nikkei 225 Stock Average
climbed 0.7 percent to 19,391.84. The yen traded at 123.22 per dollar
after dropping 1.1 percent on Friday as the best monthly U.S. employment
report of the year pushed odds for an interest-rate hike in 2015 to 68
percent.
American employment in
October jumped by the most this year, wage growth accelerated and the
jobless rate fell to 5 percent, the report showed. It came after Fed
Chair Janet Yellen said she sees the economy firming and officials are
prepared to raise their target rate as soon as December.
The U.S. economy has
reached at least one measure of full employment and the decision to keep
interest rates near zero in October was a close one, John Williams,
president of the Federal Reserve Bank of San Francisco, said at the
weekend. He told reporters later that he’s waiting to see incoming data
before making predictions about a rate increase at the Dec. 15-16 Fed
meeting in Washington.
Source : Bloomberg
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