Stocks up on rate cut hopes

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BONDS FALL

Government bond prices were also under pressure with Japanese government bond futures falling half a point as the rise in equity markets and better-than expected Japanese trade data weighed.

"JGBs took a hit as the trade data was surprisingly good, showing that exports to Europe and Asia stayed firmer than previously thought," said Tetsuya Miura, a bond strategist at Shinko Securities.

Currency markets were locked in trading ranges, with the dollar giving up gains made in the wake of the strong inflation data after the Fed's weaker assessment of the economy.

The dollar was buying 108.17 yen, while the euro was at $1.4720.

Worries about the weak U.S. outlook pushed the dollar to a more than two-year low versus the yen last month.

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