Japanese stocks rose as signs of U.S. economic expansion improved market sentiment ahead of the midterm elections.
Automakers provided the biggest boost to the Topix index as Toyota Motor Corp. gained after the company raised its earnings forecast for the year. SoftBank Group Corp. fell after rising earlier on second-quarter profit that was well ahead of analyst estimates. The yen was weaker than 113 against the dollar after slumping about 1.7 percent in the past three months.
With about half of the companies in Japan’s Topix index having reported so far this season, earnings per share have lagged consensus estimates by an average of over 4 percent, the worst performance since early 2016. Nintendo Co., Canon Inc. and Fanuc Corp. are among the larger names that have posted shortfalls.
Topix +1.2% to close at 1,659.35 in Tokyo. Index Nikkei 225 +1.1% at 22,147.75.
Source : Bloomberg