Japanese stocks rose for a second day, driving the Nikkei 225 Stock Average to its biggest weekly gain in a year, as faster U.S. economic growth fueled investor confidence after yesterday’s breakthrough on a European debt deal.
Japanese stocks gained for a third day as Federal Reserve Chairman Ben S. Bernanke indicated the U.S. economy may not need more stimulus, and Finance Minister Yoshihiko Noda was elected head of Japan’s ruling party.
Japanese stocks dropped, sending benchmark gauges to their second weekly decline, after worse- than-expected jobs and manufacturing data in the U.S. and on a report Sharp Corp. will cut output of liquid crystal displays.
Japanese and Australian stock futures rose after U.S. retail sales increased by the most in four months, boosting the earnings outlook for Asian exporters as concern eased that the world’s largest economy may stall.
Asian stocks rose following the longest series of weekly losses since June after U.S. retail sales increased by the most in four months and Japan’s second- quarter gross domestic product beat economist estimates.
Japanese stock futures gained amid optimism U.S. lawmakers will reach an agreement on raising the federal debt ceiling one day before the Treasury Department says it will run out of cash to pay its bills.