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Japanese Stocks Rise After Bernanke’s Speech on Economy

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Aug. 29 (Bloomberg) -- Japanese stocks rose for a third day after Federal Reserve Chairman Ben S. Bernanke indicated the U.S. economy isn’t deteriorating fast enough to warrant additional stimulus.

Fanuc Corp., which gets 75 percent of its sales outside of Japan, rose 0.6 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, advanced 0.6 percent, leading gains in banks. Softbank Corp., Japan’s third-largest mobile-phone operator by revenue, gained 1.7 percent.

The Nikkei 225 Stock Average rose 0.2 percent to 8,816.99 as of 9:09 a.m. in Tokyo. The broader Topix index advanced 0.2 percent to 757.76.

“Bernanke’s speech fell into what people had expected, but by extending the next meeting, it showed they are ready to introduce a measure,” said Kazuhiro Takahashi, a general manager at Daiwa Securities Capital Markets Co. in Tokyo. “U.S. stocks have stabilized, which is a plus for Japanese stocks.”

To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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