Bloomberg News

Japanese Stocks See First Gain in Four Days on Greek Optimism

November 07, 2011

Nov. 4 (Bloomberg) -- Japanese stocks rose for the first time in four days after the European Central Bank unexpectedly lowered interest rates and Greece signaled it won’t hold a referendum on a bailout package.

Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, rose 1.8 percent. Canon Inc., the camera maker that gets about a third of its revenue from Europe, climbed 1.6 percent. Mitsui & Co., a trading house, jumped 3.1 percent after prices for oil and metals advanced.

The Nikkei 225 Stock Average rose 1.3 percent to 8,754.43 as of 9:02 a.m. in Tokyo. The broader Topix advanced 1.4 percent to 748.52, with more than three shares rising for each that fell.

“The ECB cut interest rates and the doves are increasing in the U.S. Federal Reserve Board,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Expectations that monetary policies in Europe and the U.S. will be further relaxed would boost the stock markets. We still don’t know Greece will accept the Europe’s bailout plan so we need to determine this point.”

--Editor: Jim Powell.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Satoshi Kawano in Tokyo at skawano1@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.


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