Japan Stocks Cap Best Weekly Gain Since July After Fed Minutes
- Federal Reserve officials in no rush to raise interest rates
- Fast Retailing slumps after earnings, forecasts miss estimates
Japanese stocks rose, capping the biggest weekly advance since July, after Federal Reserve minutes indicated the central bank isn’t in a hurry to raise U.S. interest rates. Commodity-related shares climbed, while Fast Retailing Co. slumped.
The operator of Uniqlo clothing stores sank 9.8 percent after earnings and forecasts missed analyst estimates. Iron and steel producers led gains among the 33 Topix index industry groups, with Kobe Steel Ltd. jumping 6.9 percent after Bank of America Corp. raised its rating on the shares. Toshiba Corp. rose 5.7 percent after DigiTimes reported the company’s memory operations may be a target for acquisition by Tsinghua Unisplendour Co. Nisshinbo Holdings Inc. added 6.5 percent after the Nikkei newspaper reported the textile maker will pay 10 billion yen ($83 million) to buy Nanbu Plastics Co.