Kontakperkasa Futures – Japan’s Topix index headed for a seven-year high as expectations the Federal Reserve will be slower to raise interest rates boosted global equities.
The Topix advanced 0.8 percent to 1,593.74 at the break in Tokyo, poised for its highest close since November 2007, after capping a ninth straight weekly gain. The Nikkei 225 Stock Average added 1.1 percent to 19,769.71. The yen traded at 120.07 per dollar after strengthening 1.1 percent last week. More than $2.4 trillion was added to the value of global stocks last week as the Fed signaled a slower pace of raising rates.
The Topix climbed 12 percent this year through last week, making it the best performer among developed Asian equity markets tracked by Bloomberg, buoyed by central-bank stimulus and stock buying and the $1.1 trillion pension fund’s shift from bonds into the nation’s equities. Three other Japanese public managers of retirement savings with about 30.3 trillion yen ($252 billion) in assets said last week they will adopt similar allocation targets to the Government Pension Investment Fund, according to a joint statement on their websites.
Source : Bloomberg