TOKYO: Japanese stocks rose, poised for the biggest weekly advance since July, after Federal Reserve minutes indicated the central bank isn’t in a hurry to raise interest rates. Fast Retailing Co. slumped.
The operator of Uniqlo clothing stores sank 9.7 percent after earnings and forecasts missed analyst estimates. Iron and steel producers led gains, with Kobe Steel Ltd. strengthening 6.2 percent after a broker upgraded its outlook on shares. Toshiba Corp. jumped 5.2 percent after DigiTimes reported Chinese computer maker Tsinghua Unisplendour Co. may be interested in the Japanese company’s memory operations. Nisshinbo Holdings Inc. added 4.3 percent after the Nikkei newspaper reported the textile maker will pay 10 billion yen to buy Nanbu Plastics Co.
The Topix index climbed 1.7 percent to 1,506.85 as of 12:42 p.m. in Tokyo, headed for a weekly gain of 4.3 percent. The Nikkei 225 Stock Average rose 1 percent to 18,320.57, paring gains after Fast Retailing began trading 15 minutes after the market opened. The company is the heaviest-weighted stock on the measure. Global stocks rallied for an eighth day after Fed officials noted that while the U.S. economy continued to improve, market turmoil and threat of weakness abroad were among reasons for keeping rates near zero.
“We’re in a Goldilocks state where the economy is looking positive, but the rate hike will probably be pushed back,” Juichi Wako, a senior strategist at Nomura Holdings Inc., said by phone in Tokyo. “We’ll continue to see a correction of excessive pessimism.”
