Japan Topix index rose for a fourth day, heading for a nearly two-month high, as brokerages and lenders advanced.

Japan Topix Set for Four-Day Advance as Financial Shares RiseSumitomo Mitsui Financial Group Inc. gained 2.3 percent as banks provided the biggest boost to the Topix. Nomura Holdings Inc., the country��s largest broker, added 1.8 percent. Fuji Heavy Industries Ltd. advanced 2.2 percent after a report the maker of Subaru cars expects to beat its medium-term profit target. Unitika Ltd. was poised for its biggest plunge since 2008 after the synthetic-fiber producer sought aid from lenders.

The Topix gained 0.7 percent to 1,203.25 as of 12:42 p.m. in Tokyo, poised for its highest close since a peak of 1,215.89 on April 4. Almost two shares rose for each that fell. The Nikkei 225 Stock Average added 0.8 percent today to 14,725.65. The yen held at 101.97 per dollar after being little changed yesterday and falling 0.2 percent the previous day.

Volume on the Topix was about 13 percent above the 30-day intraday average. Markets in the U.S. were closed yesterday for a holiday.

The Stoxx Europe 600 Index climbed 0.6 percent to the highest level since January 2008 yesterday after European Central Bank President Mario Draghi signaled policy makers are ready to take action in June should they see low inflation becoming entrenched.

 

Copy Source: Bloomberg