Japanese stocks rose, led by precision instrument makers, as investors await progress on an agreement among euro-area finance ministers on Greece™s bailout program.
The Topix advanced 0.6 percent to 1,508.76 as of 9:01 a.m. in Tokyo, on course to rise for a seventh day, its longest winning streak since early December. All but three of its 33 industry groups gained. The Nikkei 225 jumped 0.9 percent to 18,487.61, on course for its highest close since April 2000.
After talks in Brussels between officials from the 19 euro members concluded late on Feb. 20 with an agreement to extend bailout funds for four months, the government in Athens now has until the end of Monday to complete a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.
Futures on the Standard & Poor™s 500 Index were little changed after the underlying gauge added 0.6 percent to a record close on Feb. 20 in New York on optimism about the Greek deal.
The Greek reform measures are still subject to validation by the International Monetary Fund, the European Central Bank and the European Commission, the institutions collectively known as the troika which Prime Minister Alexis Tsipras vowed not to recognize.
Bank of Japan Governor Haruhiko Kuroda is scheduled to appear in Japan™s parliament from 10:40 a.m. local time. Policymakers agree that Japan™s economy is gradually picking up, according to minutes of the central bank™s January meeting released today.
Source : Bloomberg