Japan Stocks Higher on U.S. Lead

Japanese stocks rose after a Federal Reserve official said interest rates would likely stay accommodative for a longer period, boosting U.S. equities.

Inpex Corp. climbed 4.6 percent, pacing gains among energy shares after the U.S. oil benchmark jumped more than 6 percent on Monday. Koei Tecmo Holdings Co. jumped 4 percent as the video-game developer reported stronger-than-expected preliminary earnings. Ono Pharmaceutical Co. added 1.7 percent after SMBC Nikko Securities Inc. raised its rating on the drugmaker. Asics Corp. slumped 1.5 percent as Credit Suisse Group AG lowered its rating on the sneaker manufacturer.

The Topix index advanced 1.4 percent to 1,583.07 as of 12:38 p.m. in Tokyo, with all but one of its 33 industry groups rising. The Nikkei 225 Stock Average added 1.3 percent to 19,656.12. The yen traded at 119.62 per dollar after losing 0.5 percent on Monday. U.S. stocks gained after the Fed’s William C. Dudley said the pace of interest-rate increases is likely to be “shallow” once the Fed starts to tighten monetary policy.

Bloomberg

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