Japanese Shares Climb After Yen Drops on Fed Rate-Rise Bets
- Currency capped third weekly decline against dollar on Friday
- Traders see a two-thirds chance Fed will act by December
Japanese shares rose, supported by exporters, after the yen capped a third weekly decline against the dollar on bets the Federal Reserve will raise interest rates this year.
The Topix index rose 0.4 percent at the close in Tokyo after swinging during the session from a gain of as much as 0.6 percent to a 0.2 percent drop. The yen traded at 104.27 against the greenback after weakening from around 100 yen near the end of last month. The Japanese currency dropped 0.5 percent Friday as investors increased bets the Fed will raise U.S. borrowing costs. Fed Vice Chair Stanley Fischer speaks in New York Monday, after Chair Janet Yellen reiterated her call for measured rate increases following data Friday showing U.S. retail sales climbed the most in three months.