Topix Gains for Eighth Day as U.S. Data Add to Recovery Signs
Japanese stocks rose, with the Topix index extending its longest winning streak since June, as the yen held losses after U.S. data showed inflation pressures remain subdued and home construction rebounded.
The Topix gained 0.2 percent to 1,283.23 as of 9:01 a.m. in Tokyo, climbing an eighth day. All but four of the 33 industry groups advanced. The Nikkei 225 Stock Average added 0.2 percent to 15,479.83. The yen touched the lowest in more than two weeks today after weakening 0.3 percent yesterday.
The Topix rebounded 13 percent from this year’s low on April 14 as of yesterday amid optimism about the global economy and speculation Japan’s $1.2 trillion Government Pension Investment Fund will buy more domestic shares. The Topix traded at 1.2 times book value yesterday, compared with 2.7 for the Standard & Poor’s 500 Index and 1.8 for the Stoxx Europe 600 Index.
Japan’s exports rose more than than estimated in July while imports unexpectedly increased, a report showed today.
Futures on the S&P 500 were little changed today after the equity measure climbed 0.5 percent yesterday. Apple Inc. jumped 1.4 percent to close at an all-time high as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jump-start revenue growth.
A report yesterday showed the U.S. cost of living climbed in July at the slowest pace in five months, indicating price pressures remain limited even as the economy picks up. Inflation continues to run below the Federal Reserve’s target as sluggish global demand limits companies’ ability to charge customers.