Japanese stocks rose for a third day after Greece passed austerity measures needed to secure aid from the European Union, easing concern the country will suffer a default that destabilizes the banking system.
Canon Inc., which counts Europe as its largest market, advanced 0.5 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank by market value, climbed 2.1 percent after Deutsche Bank AG. recommended the stock. Inpex Corp., Japan’s largest energy exploration company, gained 0.3 percent after crude prices increased.
The Nikkei 225 Stock Average rose 0.3 percent to 9,827.60 as of 9:07 a.m. in Tokyo. The broader Topix index gained 0.4 percent to 847.71.
“There will still be a lot of twists and turns, but Greece has been able to avoid a worst-case scenario,” said Mitsushige Akino, who oversees about $600 million in Tokyo at Ichiyoshi Investment Management Co. “That makes it easier for investors to take on risk.”
The Topix index lost 9.3 percent through yesterday since March 10, the day before a magnitude-9 earthquake and tsunami devastated Japan’s northeast coast, triggering the worst nuclear accident in 25 years and leaving more than 23,000 people dead or missing.www.bloomberg.com
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