TOKYO: Japanese stocks rose following a rally in global stocks, amid optimism a deal between Greece and its creditors will be reached.
Toyota Motor Corp., the world’s biggest carmaker by market value, added 1.8 percent. SoftBank Corp. gained 1.3 percent after the mobile-phone operator said it will invest in solar power in India. Sumitomo Chemical Co. slumped 6.1 percent after Nomura Holdings Inc. said its operating profit may be below consensus estimates. Sharp Corp. lost 2.4 percent after bearish bets on the stock jumped to a record.
The Topix added 1.4 percent to 1,671.44 as of 12:38 p.m. in Tokyo, on course for its biggest jump in two months. All but one of its 33 industry groups rose. The Nikkei 225 Stock Average gained 1.4 percent to 20,721.81, heading for its highest close in 15 years. The MSCI All-Country World Index jumped 1.2 percent Monday amid gains from the U.S. to Europe.
“Advances in the Greek situation are behind the flow of funds into U.S. and European stocks,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo, said by phone. “It’s difficult to judge without knowing the proposal’s contents in detail, but the market appears to be seeing it as a step forward.”
European Commission President Jean-Claude Juncker said after an emergency summit in Brussels that he was convinced a final agreement will be reached with Greece this week.
