Japan Stocks Higher After China Rate Cut

Japanese stocks rose for a second day after China’s central bank cut interest rates for the third time in six months and U.S. hiring rebounded.

Ball-bearing maker Minebea Co. jumped 8.5 percent after its profit forecast beat estimates. Mitsubishi Corp. gained 3.1 percent after the trading company said it plans to buy back shares. Sharp Corp. tumbled 24 percent after saying it’s considering cutting capital and issuing preferred shares. Toshiba Corp. plunged the most in four years after withdrawing its earnings forecast for last year and said it won’t pay a year-end dividend after finding improper accounting on infrastructure projects.

The Topix index climbed 0.9 percent to 1,602.34 as of 12:34 p.m. in Tokyo, with all but one of its 33 industry groups rising. Volume on the measure was 46 percent higher than the 30-day intraday average. The Nikkei 225 Stock Average added 1.2 percent to 19,614.06.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.