TOKYO: Japanese stocks rose for a third day after better-than-estimated U.S. housing data boosted the outlook for Asian exporters and on speculation the Bank of Japan will announce fresh stimulus after a meeting today.
Japan’s Nikkei 225 Stock Average strengthened 0.3% to 9,586.94 as of 9:39 a.m. in Tokyo, heading for a weekly rise of 0.3%.
Meanwhile, the broader Topix Index also climbed up by 0.2% to 811.33.
The higher index was in line with positive performance of several stocks as Nissan Motor Co., a carmaker that gets a third of its sales from North America, rising by 1.7%, Kyocera Corp. increasing by 2.7%
However, Nintendo Co., the world’s largest maker of gaming consoles, sank the most in three months after forecasting net income that lagged analysts’ expectations.
“We still believe that there will be good growth in the U.S., with GDP picking up in the second half of the year,” said Daphne Roth, the Head of Asian-Equity Research at ABN Amro Private Banking in Singapore.
“The global economic growth picture is quite good. We’ve been getting a lot of positive surprises in earnings reports,” he added. (Bloomberg/t01)
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