Shares in Tokyo rose for the first time
Technology stocks provided the biggest support for the broader market, tracking their U.S. counterparts’ gains, while automakers also advanced on the yen’s weakness. Data on Friday showed the world’s largest economy added 222,000 jobs in June, topping the 178,000 median estimate from economists.
Concern over tapering that’s faster than the global economy could endure is receding, said Tomoichiro Kubota, an analyst at Matsui Securities Co. in Tokyo. “Buying is returning to Japanese stocks that took the heaviest blow from such woes,” he added, noting select technology shares are taking this opportunity for a strong rebound.
Fed Chair Janet Yellen is scheduled to testify before Congress on Wednesday. Investors are looking for clues about when the U.S. central bank, which lifted rates in June and signaled one more rate hike in 2017, plans to start reducing its balance sheet.
