Japanese stocks rose after U.S. equities climbed to a record and a report showed Asia™s second-biggest economy exited recession last quarter.
Banks, insurers and brokerages led gains among industry groups. Yokohama Rubber Co. jumped 4.8 percent as the tiremaker raised its forecast dividend payments. Asics Corp. tumbled 9.9 percent after the sportswear maker forecast profit that missed analyst estimates. Kuraray Co. dropped 2.1 percent after full-year net income forecasts missed estimates.
The Topix index gained 0.8 percent to 1,460.95 at the trading break in Tokyo, with all but five of its 33 industry groups rising. The measure climbed 2.3 percent last week. The Nikkei 225 Stock Average advanced 0.7 percent to 18,031.84. The yen added 0.1 percent to 118.61 per dollar, strengthening for a third day.
Japan™s economy expanded 2.2 percent in the fourth quarter on an annualized basis, after contracting the previous two periods. The median expectation of 32 economists surveyed by Bloomberg before the provisional data was for growth of 3.7 percent. An update on industrial production is due later in the day.
Source : Bloomberg