Nikkei rises for second day on weaker yen

Japan share market advanced for second consecutive day on Tuesday, 15 July 2014, as the positive finishing of the offshore markets overnight and weaker yen boosted up the market risk sentiments. But, move on the upside capped on caution ahead of congressional testimony by U.S. Federal Reserve chief Janet Yellen. The benchmark Nikkei Stock Average advanced 0.64%, or 98.34 points, to 15395.16. The Topix index of all first-section issues rose 0.65%, or 8.22 points, to 1,273.68.

The Bank of Japan finished a two-day policy board meeting on Tuesday by a unanimous vote to leave the bank's policy target unchanged and held off expanding its vast stimulus program but downgrade of its economic growth forecast for the current fiscal year. The bank slightly lowered its growth forecast for the current fiscal year to March to 1% expansion, from a previous 1.1% forecast. The cut was third straight downward revision in a figure that was once as high as 1.5%. The BOJ kept its growth forecasts for the next fiscal year and for fiscal 2016 unchanged at gains of 1.5% and 1.3%, respectively.

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