TOKYO: Japanese stocks rose after U.S. economic data boosted the dollar against the yen and as investors grow more confident that Greece’s debt crisis will be resolved.
Consumer lenders led gains, with Acom Co. and Aiful Corp. jumping at least 4 percent. The weaker yen boosted exporters including Alpine Electronics Inc., which rose 2.3 percent. Carmakers rallied after posting better-than-expected U.S. sales in June, with Nissan Motor Co. and Honda Motor Co. jumping at least 2.4 percent. Kawasaki Heavy Industries fell 1.9 percent after Barclays PLC cut its rating.
The Topix climbed 1 percent to 1,652.06 as of 12:37 p.m. in Tokyo, rising for a third day, as all but two of its 33 industry groups advanced. The Nikkei 225 Stock Average gained 1.2 percent to 20,569.82. The yen traded at 123.36 per dollar, weakening for a second day, after stronger-than-expected U.S. private data on employment and manufacturing ahead of an official payrolls report on Thursday.
“Just as the Federal Reserve expected, as we head toward higher interest rates the economic mood is recovering,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “An interest-rate hike expresses the quality of the U.S. and should be seen as a positive.”
