Japanese stocks rose, with the Topix index heading for the biggest rally in more than a week, after Federal Reserve minutes showed policy makers see little risk continued stimulus will spur a jump in inflation.
The Topix gained 0.7 percent to 1,158.48 as of 9:01 a.m. in Tokyo, poised for its largest advance since May 13. All but two of the 33 industry groups climbed. The Nikkei 225 Stock Average increased 0.9 percent to 14,174.
With inflation expected to remain well below its 2 percent goal, the Federal Open Market Committee doesnt œface a trade-off between its employment and inflation objectives, and an expansion of aggregate demand would result in further progress relative to both objectives, according to minutes of its April 29-30 meeting released yesterday.
Futures on the Standard & Poors 500 Index were little changed. The equity measure jumped 0.8 percent yesterday.
Monetary easing and government spending drove a world-beating 51 percent jump for the Topix in 2013. The gauge fell 12 percent this year through yesterday, the most among 24 developed markets tracked by Bloomberg, amid concern the measures wont be enough to revive the economy and generate inflation.
The Topix traded at 1.1 times book value as of yesterday, compared with 2.6 for the S&P 500 and 1.9 for the Stoxx Europe 600 Index.
Source : Bloomberg