Japanese stocks advance as expectations of US rate cuts supported shares ranging from technology companies to trading firms.
Topix Index rose 0.2% to 2,671.40 as of market close Tokyo time.
Nikkei 225 advanced 0.7% to 38,211.01.
Shin-Etsu Chemical contributed the most to the Topix’s gain, increasing 2.8%. Out of 2,132 stocks in the benchmark index, 1,295 rose and 716 fell, while 121 were unchanged.
Gains were limited before Federal Reserve Chair Jerome Powell speaks at Jackson Hole on Friday, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
Banks were the heaviest drag on the Topix after US Treasury yields fell. Automakers also slumped as Japan’s currency stayed near 145.34 per dollar, after advancing for the past four days.
Banks were also down after BOJ Deputy Governor Shinichi Uchida’s recent comments that the BOJ would not raise interest rates while markets are unstable, Ichikawa added.
Source: Bloomberg
