TOKYO: Japanese stocks rose for a fourth day, with the Nikkei 225 Stock Average on course for its highest close since 1996, as brokerages led the advance.
Nomura Holdings Inc., Japan’s largest brokerage, added 1.8 percent. Mizuho Financial Group and Sumitomo Mitsui Financial Group Inc. jumped 1.5 percent to be among the biggest supports to the Topix index. Trading company Sojitz Corp. rose 5.4 percent, among leading gains on the Nikkei 225, while Fujifilm Holdings Corp. fell 3.2 percent for the largest drop.
The Nikkei 225 gained 0.6 percent to 20,929.28 as of 12:36 p.m. in Tokyo, heading toward its highest close since December 1996. The measure has risen 20 percent this year. The Topix added 0.5 percent to 1,684.75, with all but four of its 33 industry groups rising. The yen traded at 123.90 per dollar following a two-day loss of 1 percent as investors’ focus shifted from Greek debt negotiations to global monetary policy.
“Finally,” said Masaaki Yamaguchi, equity market strategist in Tokyo at Nomura Holdings Inc., referring to the Nikkei 225 recovering to 1996 levels. “Once the top comes off the market, we’ll see an even higher tolerance for risk.”
E-mini futures on the Standard & Poor’s 500 Index were little changed. The underlying gauge gained 0.1 percent in New York on Tuesday to close near a record as investors weighed economic data for clues on the timing of higher U.S. interest rates amid optimism that a deal on Greek aid is within reach. A reading on first-quarter U.S. gross domestic product is due Wednesday.
