Japanese stocks rose, heading for the first gain in three days, as signs Greece will reach a deal with its creditors saw the euro gain against the yen, boosting the outlook for earnings at exporters.
The Topix index climbed 0.2 percent to 1,672.72 as of 9:01 a.m. in Tokyo, with three stocks rising for every two that fell. The Nikkei 225 Stock Average added 0.3 percent to 20,543.31. The yen traded at 124.33 per dollar and 140.02 per euro. The euro jumped after European Central Bank President Mario Draghi said inflation was on a firm trend and as investors speculated Greece and its creditors will reach an agreement.
Positive developments in the euro area led “the euro to rise against the yen,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “In the short-term, this should be positive for exporting stocks.”
The yen has weakened 2.7 percent against the euro in the past two days. Losses accelerated after Draghi said inflation will quicken in the 19-nation euro area.
E-mini futures on the Standard & Poor’s 500 Index were little changed after the underlying measure gained 0.2 percent on Wednesday in New York.
Source : Bloomberg