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"The U.S. economic data is not bad on the whole"
- Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co.
Japanese stocks edged higher on Monday after the U.S. Congress passed payroll tax extension. The Nikkei 225 gained 1.00%, or 84.18 points, to 8,479.34, while the broader Topix advanced 0.46%, or 3.32, to 726.44.
"The U.S. economic data is not bad on the whole," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co. "Congress passed a two-month U.S. payroll tax cut extension, which reduced concerns in the market because investors had worried the end of the tax cut would likely weigh on January-March GDP."
Japan's Ministry of Economy, Trade and Industry is to announce its year on year retail sales on Wednesday. Economists expect the reading to increase 0.1 percent in November, compared to the same period last year.