TOKYO: Japanese stocks rose ahead of testimony to U.S. lawmakers by Federal Reserve Chair Janet Yellen and as Greece’s creditors review a list of debt-reduction policies.
Casio Computer Co. jumped 4 percent after the Nikkei newspaper reported the company will boost production of high-end watches. Asahi Glass Co. added 4.4 percent as Mizuho Securities Co. raised its target price on the stock. Oil explorer Inpex Corp. sank 1.9 percent as crude traded below $50 a barrel. Asahi Kasei Corp. slid 1.1 percent after announcing a $2.2 billion takeover to expand its battery and overseas businesses.
The Topix index rose 0.4 percent to 1,508.28 at the close in Tokyo, swinging from a loss of 0.4 percent. About five shares rose for every three that fell. The Nikkei 225 Stock Average added 0.7 percent to 18,603.48, extending a 15-year high. The yen weakened 0.2 percent to 119.10 per dollar.
“The psyche of the market has turned from negative in the last month to positive,” said Koichi Kurose, who oversees about 6 trillion yen ($50 billion) as Tokyo-based chief market strategist at Resona Bank Ltd. “Not only are investors more confident after stocks posted a rebound, but also factors like monetary easing is boosting the market.”
Investors will receive further clues on the Fed’s assessment of the U.S. economy and the timing of an interest-rate increase when Yellen gives two days of testimony to Congress starting Tuesday.
