Japanese Stocks Advance After Yen Weakens on Strong U.S. Data

Japanese stocks rose, paring the Topix index’s first back-to-back weekly drop since January, after the yen weakened against the dollar as U.S. data boosted confidence in the strength of the world’s largest economy.

The Topix rose 0.1 percent to close at 1,651.48, dropping 0.9 percent this week. The Nikkei 225 Stock Average added 0.1 percent to 20,407.08. Both gauges swung between gains and losses on Friday after June futures contracts on the Nikkei 225 expired with a settlement price, known as the special quotation, of 20,473.83. The yen traded at 123.53 per dollar after falling 0.6 percent on Thursday.

The Japanese yen is weak, though still around an appropriate level to reflect Japan’s fundamentals, said Naoyuki Shinohara, a former top currency official at the finance ministry.

Source : Bloomberg

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