TOKYO: Japanese stocks rose as the central bank maintained its record monetary stimulus and investors weighed the timing of U.S. interest-rate increases after weaker-than-forecast economic data.
Tokyo Gas Co. jumped 2.5 percent after a report it may buy back 50 billion yen ($412 million) in shares next fiscal year. Pigeon Corp., a baby products maker, surged 3.9 percent after Credit Suisse Group AG raised its rating on the stock. Toyota Motor Corp. headed for a record close. Hitachi Ltd. and Mitsubishi Heavy Industries Ltd. gained at least 2.5 percent on a report the companies plan to target more than 10 percent for return on equity.
The Topix index added 0.8 percent to 1,570.06 as of 12:43 p.m. in Tokyo, with more than three shares rising for every two that fell. Volume on the measure was about 19 percent below the 30-day intraday average. The Nikkei 225 Stock Average gained 1 percent to 19,430.85.
“An optimistic mood is spreading in developed markets, and I expect the Japanese market to follow suit,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo, said by phone. “We continue to see a situation where risk money flows into Japan and Europe on the back of their monetary policies.”
