Japan’s Topix Index at Seven Week High

Japan’s Topix index rose to a seven-week high as the yen held declines and U.S. stocks climbed to a record after new home sales data buoyed optimism about the world’s largest economy.

Electrical-appliance exporters provided the biggest boost to the Topix. Nikon Corp. climbed the most on the Nikkei 225 Stock Average after the camera maker’s equity rating was raised at Credit Suisse Group AG. Sony Corp. gained 3.1 percent after saying it has formed a joint venture to make and sell game consoles in China. Dainippon Sumitomo Pharma Co. plunged by a record after saying it was ending a drug trial.

The Topix climbed 1.2 percent to 1,194.69 at the close of trading in Tokyo, its highest since April 7. All but one of the 33 industry groups advanced, with volume about 8.4 percent below the 30-day average. The measure gained 1.8 percent last week. The Nikkei 225 added 1 percent today to 14,602.52. The yen gained less than 0.1 percent to 101.93 per dollar after falling 0.2 percent on May 23.

Bloomberg

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