Japan stocks climb for 2nd day; Topix index adds 1.3%, Nikkei 225 Average gains 1.6pc

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TOKYO: Japanese stocks climbed for a second day, led by brokerages, as the yen lost against the dollar ahead of policy meetings by the Bank of Japan and the European Central Bank.
Nomura Holdings Inc., Japan’s biggest securities company, added 2.9 percent. Kobe Steel Ltd. climbed 5.2 percent after Credit Suisse Group AG raised its share price target on the company. Trading company Itochu Corp. lost 2.2 percent, reversing earlier gains, after saying it’s considering a joint investment in Citic Ltd. with Thailand’s Charoen Pokphand Group. Japan Exchange Group Inc. gained 2.8 percent after raising its full-year profit forecast.
The Topix index added 1.3 percent to 1,390.59 as of 1:05 p.m. in Tokyo, with all but one of its 33 industry groups rising. The Nikkei 225 Stock Average gained 1.6 percent to 17,280.74. The yen weakened for a third day, dropping 0.6 percent to 118.22 per dollar. Futures on the Standard & Poor’s 500 Index climbed 0.1 percent. U.S. markets were closed Monday for Martin Luther King Day.
“The yen is weakening on expectations for further stimulus measures from the ECB, which is supporting stocks,” said Tomomi Yamashita, who helps oversee the equivalent of $6.3 billion at Shinkin Asset Management Co. in Tokyo. “Also, if you exclude external factors for Japan, then expectations are high for good earnings results. It may not be enough to push the market higher, but it’ll be a good support.”