Nikkei rises on Fed view, industrial data, GPIF news
TOKYO, Oct 29 (Reuters) - Japanese stocks rose 1.5 percent to a three-week high on Wednesday, buoyed by hopes that the U.S. Federal Reserve will reiterate its willingness to wait some time before hiking interest rates and by stronger-than-expected domestic industrial data. Also underpinning sentiment was a Reuters report that Japan's $1.1-trillion public pension fund had pulled back from Japanese bonds in the most recent quarter, allowing domestic bonds to fall below half of its portfolio for the first time. By shifting funds out of JGBs, GPIF would have freed up funds for higher-yielding and riskier assets such as equities which it is expected to emphasise as part of an ongoing strategy review. The Nikkei share average ended 224.00 points higher to 15,553.91, the biggest daily percentage gain in a week. The broader Topix gained 1.5 percent to 1,270.64, and the JPX-Nikkei Index 400 also added 1.5 percent to 11,565.18. (Reporting by Ayai Tomisawa; Editing by Kim Coghill)
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