TOKYO: Japanese stocks rose, heading for the first gain in three days, as signs Greece will reach a deal with its creditors saw the euro gain against the yen, boosting the outlook for earnings at exporters.
Nippon Sheet Glass Co., which relies on Europe for nearly 40 percent of sales, jumped 4.3 percent. Insurance companies led gains in the Topix, with Dai-ichi Life Insurance Co. climbing 8.2 percent to a record. Nissan Chemical Industries Ltd. added 2.9 percent after Nomura Holdings Inc. raised its price target on the stock. Rakuten Inc., operator of Japan’s biggest Internet shopping mall, tumbled 6.1 percent after saying it will issue about $1.5 billion of shares in a public sale.
The Topix index climbed 0.4 percent to 1,675.89 as of 12:35 p.m. in Tokyo, with two stocks rising for each that fell. The Nikkei 225 Stock Average added 0.3 percent to 20,538.36. The yen traded at 124.50 per dollar and 140.33 per euro. The euro jumped after European Central Bank President Mario Draghi said inflation was on a firm trend and as investors speculated Greece and its creditors will reach an agreement.
Positive developments in the euro area led “the euro to rise against the yen,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “In the short-term, this should be positive for exporting stocks.”
