TOKYO: Japanese stocks rose following a global rally as the central bank began a two-day meeting and investors assessed the impact of an historic accord to ease trade in goods and services among a dozen Pacific-rim nations.
Fishing, agriculture, and forestry-related stocks rose the second-most among the Topix index’s 33 industry groups, with seed wholesaler Sakata Seed Corp. surging 8.3 percent. Mitsubishi Corp. advanced 1.5 percent, building on Monday’s 5.2 percent rally, after SMBC Nikko Securities Inc. said the trading house and its competitors are among the likely winners from the trade accord. Mayonnaise maker Kewpie Corp. jumped 6.1 percent after reporting nine-month operating advanced 15 percent. Tokai Tokyo Financial Holdings Inc. tumbled 6.2 percent as Credit Suisse Group AG cut its rating on the securities firm.
The Topix added 1.2 percent to 1,481.10 as of 12:42 p.m. in Tokyo, rising for a fifth day. The Nikkei 225 Stock Average climbed 1.1 percent to 18,196. U.S. stocks staged the longest rally of the year, while a benchmark gauge of equities in Europe jumped the most since August. The yen traded at 120.47 per dollar as Bank of Japan policy officials began deliberations on monetary policy, with an announcement due tomorrow.
“We’re in a state of waiting for the BOJ meetings,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo, said by phone. “There probably won’t be any policy changes this time, but there seems to be some expectations of a move especially within the bond market.”
Only two of 36 economists forecast the BOJ will expand monetary stimulus Wednesday, according to a Bloomberg News survey conducted last week. Fifteen expected easing at the following meeting on Oct. 30.
