Japanese stocks rose, with the Topix headed for a third day of gains, as the yen touched a seven-year low against the dollar after minutes of the Federal Reserve highlighted a divergence in global monetary policy.
Toyota Motor Corp., which gets about 30 percent of its sales from north America, added 1.1 percent. Toray Industries Inc. jumped 4.4 percent after Iwai Cosmo Securities Co. raised its outlook on the textile maker’s stock. Takata Corp. dropped 4.9 percent, extending yesterday’s slump, after the U.S. demanded a nationwide recall of the car parts maker’s airbags.
The Topix added 0.3 percent to 1,400.78 as of 9:20 a.m. in Tokyo, with about five shares rising for every three that fell. The Nikkei 225 Stock Average gained 0.4 percent to 17,353.68. The yen traded at 118.08 per dollar after slumping to 118.27, its weakest level since August 2007.