Japanese stocks rose, posting their first back-to-back weekly gain since November, as the yen and crude steadied while finance ministers gathered for a Group of 20 meeting.
The Topix index climbed 0.3 percent to 1,311.27 at the close in Tokyo to finish the week 1.5 percent higher. The yen was little changed on the week, trading at 112.63 per dollar. Higher oil prices and strong data on U.S. capital goods triggered a rally for U.S. equities, while shares in Shanghai rose on Friday after a 6.4 percent plunge the previous day.
E-mini futures on the S&P 500 Index were little changed after the underlying equity gauge closed 1.1 percent higher on Thursday, jumping in afternoon trading as banks resumed their rebound from a selloff to start the year. Data showed January’s durable goods orders rose the most since March, boosting the greenback against the yen and easing concerns since the end of last year that factories were in full retreat.
Confidence in central banks’ willingness to step in to bolster markets and gains in oil gave Japanese stocks their best two-day performance in more than a year.
Japanese shares joined a global rally to halt losses after the worst start to a year for financial markets sparked by plunging commodities and concern over slowing economic growth. Investors are putting their faith in central banks from Europe to Asia and the U.S. to continue with accommodating policies that have helped keep the bull market in equities going for more than four years.
The Topix index increased 1.3 percent to 1,392.63 at the close in Tokyo, extending Friday’s 5.6 percent advance for its first back-to-back gain of the year. The two-day rally is the biggest since November 2014. The Nikkei 225 Stock Average increased 0.9 percent to 17,110.91. The yen traded at 118.79 per dollar, near its weakest since the first week of January. Oil extended gains after a two-day surge of 13 percent.