Japanese shares rose as investors weighed the latest remarks from Federal Reserve Chairman Jerome Powell on the U.S. economy and implications for monetary policy.
Pharmaceutical and telecommunications stocks bolstered the benchmark Topix index, which sharply pared its advance in the last minute of trading. Electronics were the biggest drag as the yen held Tuesday’s gain against the dollar. Speaking before a Senate panel, Powell indicated the central bank will be patient and see how headwinds to growth play out. Data showed U.S. consumer confidence improved in February, topping all forecasts and snapping a three-month losing streak.
Topix index +0.2% to 1,620.42 at the close in Tokyo. Nikkei 225 index +0.5% to 21,556.51.
Yen little changed at 110.47 against U.S. dollar after advancing 0.4% Tuesday.
Source : Bloomberg