Japanese Stocks Advance on Economic Stimulus, Fed Cut Hopes
Japanese shares rose on expectations of expansionary fiscal policies even as the country’s ruling party is set to hold a leadership contest and find a replacement for outgoing Prime Minister Shigeru Ishiba.
Sentiment was also upbeat after Wall Street’s gains on hopes the Federal Reserve will cut interest rates to curb a jobs downturn.
The Topix Index rose 0.1% to 3,126.18 as of 9:15 a.m. Tokyo time
The Nikkei advanced 0.4% to 43,646.92
SoftBank Group Corp. contributed the most to the Topix Index gain, increasing 6.8%. Out of 1,676 stocks in the index, 725 rose and 837 fell, while 114 were unchanged.
Ryuta Otsuka, strategist at Toyo Securities said, “Investors who wanted to take profits are believed to have already sold to some extent the previous day, so today’s market is likely to be relatively calm.”
Source: Bloomberg
