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Tokyo: Japanese stocks up for second day

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[TOKYO] Japanese stocks rose for a second day, following a rally in US equities amid mounting speculation the Federal Reserve will put off raising interest rates until 2016. Precision-instrument makers led gains.

The Topix added 0.8 per cent to 1,502.83 as of 9.02 am in Tokyo, heading for a 0.8 per cent weekly loss as five shares rose for each that fell. The Nikkei 225 Stock Average advanced 1 per cent to 18,278.73.

"We are seeing some weakness in US economic indicators, so investors expect the Fed is unlikely to raise interest rates this year,"  Norihiro Fujito, general manager of Mitsubishi UFJ Morgan Stanley Securities in Tokyo, said by phone. "That is favorable for the markets."  E-mini futures on the Standard & Poor's 500 Index added 0.1 per cent after the underlying gauge jumped 1.5 per cent to an eight-week high on Thursday, advancing for the first time in three days.

BLOOMBERG