Japanese stocks rose a third day after the yen weakened to an almost two-week low amid optimism over Greece’s bailout. Brokerages led gains on the Topix index.
Nomura Holdings Inc., Japan’s biggest brokerage, jumped 4.7 percent. Excel Co. surged 21 percent after activist investor Yoshiaki Murakami said he holds a 5.2 percent stake in the electronic-products maker. Disco Corp. added 4.7 percent after a report the machinery manufacturer will post record operating profit. Obayashi Corp. slumped 0.5 percent after UBS Group AG cut its rating on the construction company.
The Topix climbed 1.6 percent to 1,638.71 at the close of trading in Tokyo after jumping 1.9 percent on Monday for its biggest advance this year. The Nikkei 225 Stock Average added 1.5 percent to 20,385.33. The yen was little changed at 123.38 per dollar after falling 0.5 percent yesterday.
Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($ 95 billion) of aid he needs to keep his country in the euro area. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs.
Source : Bloomberg