Japan stocks set to rise as IMF raises global economic growth forecast

Japan stocks set to rise as IMF raises global economic growth forecast

SINGAPORE — Stocks in Japan were set to rise at the open as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year.Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,755 while its counterpart in Osaka was at 28,750. That compared against the Nikkei 225's last close at 28,546.18.Shares in Australia dipped in morning trade, with the S&P/ASX 200 declining about 0.1%. Australia's fourth quarter consumer price index is expected to be out at around 8:30 a.m. HK/SIN on Wednesday.In its latest World Economic Outlook published Tuesday, the IMF now expects the global economy to grow 5.5% this year. That's a 0.3 percentage point increase from October's forecasts."Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens," the IMF's Chief Economist Gita Gopinath said in a blog post.Global coronavirus virus infections recently topped the 100 million mark, according to a tally from Johns Hopkins University. That comes as new and more contagious virus mutations circulate and send infection rates surging.CurrenciesThe U.S. dollar index, which