TOKYO: Japanese stocks rose as investors looked for bargains after concern that Greece will exit the euro prompted the worst sell-off since January.
Aeon Co. jumped 6.8 percent after a report the supermarket operator’s quarterly profit will increase 50 percent. Shionogi & Co. surged 7.8 percent after Credit Suisse Group AG upgraded the drugmaker. Railway stocks maintained gains even after a passenger set himself afire and died aboard a bullet train. Sony Corp. plunged 8.3 percent after announcing it will issue shares and bonds to fund business expansion.
The Topix climbed 0.3 percent to 1,630.40 at the close in Tokyo after falling 2.5 percent on Monday, the most since January. The measure finished the quarter 5.7 percent higher. The Nikkei 225 Stock Average added 0.6 percent to 20,235.73.
“Even if Greece leaves the euro, ultimately this problem will be limited to the Euro region,” said Ryuta Otsuka, a strategist at Toyo Securities Co. in Tokyo. “Among Japan, the U.S. and Europe, Japan still has the strongest fundamentals.”
Stocks tumbled after Greece called for a July 5 referendum on the bailout proposal, triggering an end to negotiations with creditors and a shutdown of the nation’s financial system. The current bailout package expires Tuesday, with a $1.7 billion debt payment due to the International Monetary Fund.
