Japanese stocks rose for a second day after the yen weakened against the dollar amid better-than-estimated U.S. economic data and as investors weigh company earnings.
The Topix index added 0.8 percent to 1,679.92 as of 9:01 a.m. in Tokyo, with all but three of its 33 industry groups rising. The Nikkei 225 Stock Average climbed 0.7 percent to 20,756.69. The yen traded at 124.79 per dollar after weakening 0.4 percent on Wednesday, a third day of losses, as services-industry data indicated the U.S. economy is on track for faster growth, raising prospects for an interest-rate hike next month.
More than 160 firms on the Topix index report earnings on Thursday. Of the companies that have reported quarterly results this season and for which estimates are available, 63 percent exceeded profit expectations, an improvement from the 48 percent that beat forecasts in the previous quarter, according to data compiled by Bloomberg.