TOKYO: Japanese stocks rose for a second day, pushing the Nikkei 225 Stock Average to a 15-year high, as brokerages led gains.
Nomura Holdings Inc. jumped the most in more than five months as investors bought stocks that have lagged the broader market this year. Mitsubishi UFJ Financial Group Inc. advanced more than 2.9% for a second day, providing the biggest boost to the Topix index. Yahoo Japan Corp. jumped 2.7% as its parent Yahoo Inc. said it was exploring options for its stake in the Japanese unit. Tokyo Steel Manufacturing Co. tumbled 10% after projecting a drop in operating profit.
The Nikkei 225 added 1.1% to 20,123.37 at the break in Tokyo, headed for its highest close since April 2000. The Topix climbed 0.8% to 1,622.32, trading at its highest level since November 2007.
“The overall trend is to keep grinding higher, but investors are becoming more selective and spreading the gains around,” said Tomomi Yamashita, who helps oversee the equivalent of $6.3 billion at Shinkin Asset Management Co. in Tokyo. “The shift is away from companies with excessive earnings expectations and into stocks which investors have overlooked. This is one of the reasons why the Nikkei is above 20,000 today.”
