(Bloomberg) A gauge of Asian stocks headed for its first advance this week as a rally in Japanese shares provided a counterweight to global markets facing the prospect of further interest rate hikes from the Federal Reserve. A modest 0.5% advance for Japan’s Topix index on Thursday added to a string of gains that’s taken the benchmark to the highest level since 1990. Investors have warmed to corporate reforms, rising profitability and the return of inflation to Japan. Goldman Sachs Group Inc. analysts are among those who are upbeat on Japan, forecasting the Topix to rise about 8% from its current level in 12 months. South Korean stocks also ticked higher, Australian shares dropped and markets were closed for holidays in Hong Kong, mainland China and Taiwan, reducing activity in region. Futures contracts for the S&P 500 and Nasdaq 100 edged lower after after the two benchmarks fell for a third consecutive session Wednesday. Investors are rethinking the bullish spirits unleashed by
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