Japan stocks rise ahead of Bank of Japan decision

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Japan stocks rise ahead of Bank of Japan decision
from MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- Japanese stocks opened to small gains Tuesday, following overnight rallies in the U.S. and Europe, with financials trading mostly higher ahead of the Bank of Japan's policy decision due later in the day. The Nikkei Stock Average advanced 0.2% to 9,166.77, with the Topix rising 0.3%, as the dollar held well above the 81-yen level, adding support for exporters. Major gains among the banks included a 1% rise for Mitsubishi UFJ Financial Group Inc. , a 0.9% climb for Sumitomo Mitsui Financial Group Inc. , and a 1.6% improvement for Shinsei Bank Ltd. , while among insurers, Dai-ichi Life Insurance Co. added 1.4%, and Tokio Marine Holdings Inc. jumped 3.1% despite posting a 21% drop in first-half profit Monday. The moves for financials came amid optimism for a deal on the U.S. "fiscal cliff," and hopes for more monetary easing in Japan. Overnight gains for crude oil sent energy shares higher, as Japan Petroleum Exploration Co. rose 1.3%, and JX Holdings Inc. gained 2.4%. On the downside, Nintendo Co. lost 0.3% after the company's Wii U videogame console debuted to mixed reviews in the U.S. Sunday.