TOKYO: Japanese stocks rose, rebounding from a one-month low, after U.S. equities advanced ahead of a monthly employment report.
Nintendo Co. Ltd. soared 7.8 percent after President Satoru Iwata said the company’s move into mobile gaming will help double profit. Yamada Denki Co. rose 3.5 percent after the electronics retailer announced an alliance with Softbank Corp. and forecast better-than-expected operating profit. Softbank rallied 2.4 percent, the most since February. Sumitomo Rubber Industries Ltd. tumbled 8.4 percent after posting a decline in quarterly operating income.
The Topix index climbed 0.9 percent to 1,588.07 as of 12:43 p.m. in Tokyo, headed for a weekly gain of 0.2 percent in trading shortened due to holidays. Three stocks rose for each that fell. The Nikkei 225 Stock Average added 0.7 percent to 19,421.93. The yen traded at 119.91 per dollar after weakening Thursday for the first time in four days.
“The stock market was shaken yesterday after long-term interest rates spiked following the holiday, but this catalyst seems to be calming down,” said Juichi Wako, a senior strategist at Nomura Holdings Inc. in Tokyo. “If payrolls rebound to show growth of 240,000 to 250,000, we’ll see U.S. long-term yields spike and the yen weaken, which will be positive for Japanese shares. But if the data is worse than expected, we could see global stocks suffer a deeper correction as the market shifts toward a deflationary story.”
