Japanese stocks rose for a second day after the U.S. Federal Reserve renewed its pledge to stimulate growth in the world’s biggest economy with low interest rates, and the yen weakened.
Advantest Corp., the world’s biggest maker of tools used to test memory chips, climbed 2.6 percent. Kyocera Corp., an electronics maker that gets 18 percent of its revenue in Europe, increased 1.9 percent, after the yen weakened. Komatsu Ltd., the world’s second-largest maker of construction equipment, advanced 2.2 percent after posting a more than threefold jump in fourth- quarter profit.
The Nikkei 225 Stock Average rose 0.5 percent to 9,738.68 as of 9:09 a.m. in Tokyo, the highest since April 8. The broader Topix index gained 0.5 percent to 843.66. For the week, the Nikkei has increased 0.5 percent, while the Topix is up 0.2 percent.
“The U.S. will continue its easing monetary policy as was expected,” said Toshio Sumitani, a strategist at Tokai Tokyo Research Center. “Stocks in the U.S. are rising with support from the easing policy, as they are cheap. Gains in U.S. stocks are positive for other stock markets.”
Futures on the Standard & Poor’s 500 Index gained 0.1 percent today. In New York yesterday, the index rose 0.6 percent to 1,355.66. Federal Reserve Chairman Ben S. Bernanke signaled the Fed will maintain its record monetary stimulus after ending large-scale bond purchases in June, while the need to contain inflation means further easing is unlikely. www.bloomberg.com
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