Japanese stocks jumped, heading for their biggest two-day gain since November 2014, as speculation central banks will step in to bolster markets continued fueling a recovery in shares.
The Topix index added 1.1 percent to 1,388.99 as of 9:02 a.m. in Tokyo, extending Friday’s 5.6 percent advance and headed for the first back-to-back gain of the year. The Nikkei 225 Stock Average climbed 0.8 percent to 17,087.47. The yen traded at 118.64 per dollar, near its weakest since the first week of January. Oil maintained gains after a two-day rally of 13 percent.
Japanese trade data showed exports dropped 8 percent in December from a year earlier, steeper than estimates for a 7 percent decline. Imports lost 18 percent, compared with expectations for a 16.4 percent drop.
Despite Friday’s rally, the Topix ended last week with a 2 percent loss. Both the Topix and the Nikkei 225 fell into a bear market on Wednesday.
E-mini futures on the Standard & Poor’s 500 Index added less than 0.1 percent after the underlying measure jumped 2 percent Friday, with energy and raw-material companies leading gains to post their first weekly advance this year.