Japanese stocks rose, buoyed by exporters, as the yen traded near its weakest against the dollar since 2002 after a strong U.S. jobs report.
The Topix index climbed 0.4 percent to 1,671.87 as of 9:06 a.m. in Tokyo after falling 0.4 percent last week for its first weekly decline in a month. The Nikkei 225 Stock Average added 0.4 percent Monday to 20,534.83. The yen traded at 125.58 per dollar after weakening 1 percent on Friday as the payrolls report fueled bets the U.S. economy can withstand higher interest rates. Japan’s economy expanded more than estimated in the first quarter, data showed today.
The odds of an interest rate hike in September improved after the best report on U.S. jobs in five months. Employers added 280,000 workers in May, beating economist estimates for 226,000, figures from the Labor Department showed Friday. Average hourly earnings rose 2.3 percent from a year earlier, exceeding the average gain since the current expansion began six years ago.
Japan’s economy grew at an annualized pace of 3.9 percent in the first quarter, revised higher from an initial reading of 2.4 percent, a report showed today. Economists surveyed by Bloomberg had predicted an expansion of 2.8 percent.
Source : Bloomberg