TOKYO: Japanese stocks rose, with precision instrument makers and banks leading gains, after the Bank of Japan said it would maintain monetary easing and amid speculation Greece will resolve its standoff with creditors.
Mitsubishi UFJ Financial Group Inc., the country’s largest lender, added 2.6 percent. Asahi Glass Co. climbed 2.3 percent after Nomura Holdings Inc. raised its rating on the stock. Tiremaker Bridgestone Corp. gained as much as 3.3 percent after raising its dividend forecast. Electric Power Development Co., also known as J-Power, tumbled 10 percent after saying it will sell as much as $1.1 billion in shares.
The Topix index added 1.2 percent to 1,480.09 as of 12:50 p.m. in Tokyo, after closing yesterday at its highest since December 2007. All but three of its 33 industry groups rose. The Nikkei 225 Stock Average gained 1 percent to 18,168.19. The yen traded at 119.13 per dollar after weakening 0.7 percent yesterday. The BOJ maintained plans to boost the monetary base at an annual pace of 80 trillion yen ($670 billion).
“Printing of money will help Japanese stocks break out,” said Andrew Clarke, director of trading at Mirabaud Securities Asia Ltd. in Hong Kong. “We have 80 trillion yen of reasons why that will happen. Also opinion seems to be favoring the fact that Abenomics is working.”
