Japan Stocks Rise as Investor Await Emergency Summit on Greece

Japanese stocks rose, led by banks, as investors await an emergency summit in Brussels that could decide Greece’s future in the euro zone.

Nichirei Corp. jumped 6 percent after Mizuho Financial Group Inc. raised its share-price target on the frozen-food maker. A gauge of lenders rose the most in a month. Chugai Pharmaceutical Co. closed at a record high after Barclays Plc raised its rating on the drugmaker. Sumco Corp. lost 1.3 percent after Credit Suisse Group AG cut its target price on the silicon wafer maker.

The Topix index added 1.1 percent to 1,648.61 at the close of trading in Tokyo, with more than twice as many shares rising as falling. The Nikkei 225 Stock Average gained 1.3 percent to 20,428.19. U.S. index futures advanced after Greece at the weekend proposed “a definitive solution” to unlock bailout funds, according to a government statement.

Greek Prime Minister Alexis Tsipras is heading to Brussels for back-to-back meetings, culminating in an emergency summit Monday.

Source: Bloomberg


Leave a Reply

Your email address will not be published. Required fields are marked *