Japanese stocks headed for a four-day advance as bets that the Federal Reserve will cut rates drove US shares close to all-time highs.
Topix Index rose 0.5% to 3,152.35 as of 9:30 a.m. Tokyo time
Nikkei 225 advanced 0.9% to 44,046.88
Buying increased in export-related sectors like electronics and machinery, as well as materials stocks. Domestic demand-related shares, benefiting from improving local conditions and policy tailwinds, were also broadly firm.
Sentiment remained stable after Prime Minister Shigeru Ishiba's decision to step down spurred speculation a new leader will take steps to spur growth.
"Stocks are likely to continue rising, boosted by expectations for the new administration and rising US technology stocks," said Hideyuki Ishiguro, chief strategist at Nomura Asset Management. "Expectations of interest rate cuts are driving strong investor sentiment in US stocks."
Shares of Shift Inc. climbed as much as 5.8% after the Nikkei 225 added the company as part of its periodic review, replacing Citizen Watch Co., with the changes to take effect from Oct. 1. Citizen shares slid 6.8%.
Advantest Corp. contributed the most to the Topix gain, increasing 7%. Out of 1,676 stocks in the index, 1,247 rose and 361 fell, while 68 were unchanged.
Source: Bloomberg
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