Japanese stocks rose after a decline in US consumer spending spurred expectations of a possible rate cut and improved investor sentiment as the S&P 500 Index reached a new high.
The Topix Index rose 0.9% to 2,865.00 as of 9:33 a.m. Tokyo time, while the Nikkei advanced 1.4% to 40,719.74.
SoftBank Group Corp. contributed the most to the Topix Index gain, increasing 5.2%. Out of 1,681 stocks in the index, 1,292 rose and 317 fell, while 72 were unchanged.
Exporters such as machinery and precision instruments gained. Domestic demand-related shares such as securities and real estate were also widely bought. Shares in the fisheries sector also rose after China announced it would resume imports of certain Japanese seafood products.
"Due to three factors—easing tensions in the Middle East, expectations for U.S. tariff negotiations and expectations for U.S. interest rate cuts, Japanese stocks are likely to test further upside today," said Hirakawa Shoji, chief global strategist at Tokai Tokyo Intelligence Lab Co.
US consumer spending declined in May by the most since the start of the year, indicating elevated uncertainty around the Trump administration's economic policies is increasingly weighing on the outlook for growth.
Source: Bloomberg
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