Japan Stocks Rise as Weaker Yen Supports Exporters Before BOJ
Japanese stocks rise as an extension in the yen’s weakness supported exporters such as automakers, even as investors remained wary before interest-rate decisions from the Bank of Japan and the Federal Reserve.
Topix rose 0.8% to 2,804.47 as of 9:37 a.m. Tokyo time
Out of 1,692 stocks in the index, 1,179 rose and 424 fell, while 89 were unchanged
Nikkei 225 advanced 0.5% to 38,035.90
Toyota contributed the most to the Topix’s gain, increasing 2.6%. The yen fell 0.1% to 149.45 per dollar, dropping for a fourth day. Trading companies continued to gain on Berkshire Hathaway’s growing stake in the sector.
“With the yen slightly weaker, we are seeing a rise in manufacturers,” said Jumpei Tanaka head of investment strategy at Pictet Asset Management. “Trading companies are also continuing their rise from the Buffett effect.”
JX Metals shares extend advance to more than 5% in its Tokyo debut after its initial public offering raised ¥439 billion, the nation’s biggest float since SoftBank Corp.’s giant deal more than six years ago.
Investors expect the BOJ to keep rates unchanged Wednesday as concerns over global economic prospects mount. The Fed’s decision afterward will be parsed for an assessment of the impact of Trump’s policies.
Source : Bloomberg
