Japan Stocks Rise as Higher US Yields Boost Banks, Insurers
Japan’s stocks rose for a second day as higher US long-term yields supported banks and insurers, while the restart of a nuclear power plant gave a boost to utility companies.
Topix was up 0.9% to 2,682.02 at the close in Tokyo.
Nikkei 225 advanced 0.8% to 38,903.68.
Mitsubishi UFJ Financial Group Inc. contributed the most to the Topix Index gain, increasing 3%. Out of 2,125 stocks in the index, 1,601 rose and 429 fell.
Tohoku Electric Power Co. shares rose as much as 2.1% after it announced it would restart operations at a nuclear power plant close to the epicenter of the March 2011 earthquake. The Topix index for power companies rose as much as 1.4%.
Nippon Paint Holdings shares jumped as much as 24%, the most since 2000, after the company announced plans to purchase global chemicals formulator AOC for $2.3 billion.
Source: Bloomberg