Asian stocks rose after U.S. equities climbed to records as rising consumer spending signaled strength in the world’s largest economy. Japanese shares gained after the yen weakened.
The MSCI Asia Pacific Index advanced 0.1 percent to 146.31 as of 9:02 a.m. in Tokyo. The Topix index added 0.4 percent. Both the Standard & Poor’s 500 Index and the Dow Jones Industrial Average rallied to all-time highs as data showed U.S. consumer purchases rose 0.3 percent in January, adjusted for inflation, adding to signs the recovery is on a strong footing as the Federal Reserve assesses inflation and jobs data to gauge the timeline for raising interest rates.
“The broad trend in shares is likely to remain up,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which manages about $118 billion. “Valuations, particularly against bonds, are good, economic growth is continuing, and monetary policy is set to remain easy with further easing in Europe, Japan, China and Australia and only a gradual tightening in the U.S.”
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