Japanese stocks rose for a second day as a weakening yen boosted the earnings outlook for exporters. Insurers, paper makers and machinery manufacturers led gains.
The Topix index added 1.1 percent to 1,595.10 as of 9:02 a.m. in Tokyo as all but two of its 33 industry groups advanced. The dollar strengthened for a second day against the yen as firming U.S. inflation data bolstered speculation the American economy can withstand higher interest rates. Investors are waiting the results of a Bank of Japan policy review on Thursday, after Wednesday’s release of minutes from the Federal Reserve’s last meeting.
The Nikkei 225 Stock Average gained 0.9 percent to 19,814.43. The yen traded at 123.44 per dollar after weakening 0.2 percent on Tuesday. E-mini futures on the Standard & Poor’s 500 Index lost less than 0.1 percent after the underlying gauge slipped 0.1 percent on Tuesday, erasing an earlier gain of as much as 0.7 percent.