By Yoshiaki Nohara - Jun 21, 2012 9:47 AM GMT+0700
June 21 (Bloomberg) -- Japan stocks rose a second day on speculation the yen’s advance will be halted after the U.S. Federal Reserve refrained from adding stimulus. Shares also advanced after lawmakers approved two economists seen to support loose monetary policy to sit on the Bank of Japan’s board.
Honda Motor Co. (7267), a carmaker that gets 44 percent of its sales in North America, rose 3 percent after the yen fell against the dollar yesterday in response to the Fed announcement. Renesas Electronics Corp. (6723) gained 4.3 percent on a report KKR & Co. and Silver Lake are in talks to invest in the chipmaker. Stocks also rose on a report foreign investors were net buyers of Japanese stocks last week for the first time in nine weeks, according to the Finance Ministry.
The Nikkei 225 Stock Average (NKY) gained 1 percent to 8,839.99 as of 11:13 a.m. in Tokyo. The broader Topix Index advanced 1 percent to 754.83, with about three stocks rising for each that fell.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.
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