Japanese stocks rose as Greece submitted a bailout proposal similar to that mooted by creditors and futures signaled Chinese markets will rebound for a second day.

The Topix added 0.5 percent to 1,587.61 as of 9:01 a.m. in Tokyo, paring its biggest weekly loss in nine months to 3.9 percent. The Nikkei 225 Stock Average lost 0.1 percent to 19,834.47.

The yen weakened 0.2 percent to 121.60 per dollar after yesterday declining 0.5 percent from its strongest level in seven weeks as demand dropped for haven assets after China stocks rebounded. Chinese shares have slumped more than 23 percent the past two weeks, with losses at the start of the week igniting a wave of risk aversion.

E-mini futures on the Standard & Poor’s 500 Index jumped 0.8 percent after the underlying measure added 0.2 percent in New York on Thursday.

The government of Greek Prime Minister Alexis Tsipras sought a three-year bailout loan of at least 53.5 billion euros ($59.2 billion), in a last-ditch effort to keep the country in the euro. The proposal is similar to the one presented by creditors last month.

Source : Bloomberg