Japanese stocks advanced, erasing earlier declines, as exporters rebounded after the yen weakened. Shares earlier followed U.S. stocks lower amid continued concern about the potential for tighter monetary conditions in the world’s largest economy.
Japan’s Nikkei 225 Stock Average has defied chart watchers by gaining 11 percent since Feb. 14, even as a technical measure of momentum signaled prices would drop the last month. Gains may continue, if history is any guide.
Japanese stocks will have difficulty maintaining a rally that lifted the Nikkei 225 Stock Average to a two-month high unless volume increases, according to Mizuho Securities Co. technical analyst Yutaka Miura.