Japanese stocks
rallied after a strong U.S. jobs report reinforced confidence in the
world’s largest economy and sent the dollar higher against the yen.
The Topix index
climbed 0.9 percent to 1,588.83 as of 9:03 a.m. in Tokyo, after sliding
1.3 percent last week. Exporters from Honda Motor Co. to Fanuc Corp.
advanced, while energy explorers slipped after OPEC opted not to impose a
limit on output. The yen traded at 123.19 per dollar after weakening
0.4 percent on Friday as U.S. non-farm payrolls increased more than
economists had expected in November. The Standard & Poor’s 500 Index
jumped the most in almost three months.
The 211,000-worker
increase in November payrolls compared with economist projections of
200,000, and followed a 298,000 gain a month earlier that was bigger
than previously estimated. Traders are pricing in 74 percent odds for a
Federal Reserve rate increase next week, while only five of the 73
economists surveyed by Bloomberg see rates left on hold at the Dec.
15-16 meeting.
Japan’s government
intends to compile a 3.3 trillion yen ($26.8 billion) extra budget to
help low income earners and improve agriculture competitiveness, the
Nikkei newspaper reported Dec. 5 without citing a source. The budget
will be approved by the nation’s cabinet in the middle of this month,
the newspaper said.
Policy makers are
considering a property-tax exemption for small- and medium-sized
businesses that increase capital expenditure, Economy Minister Akira
Amari said in an NHK broadcast on Sunday.
Source: Bloomberg
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