“Japanese shares rose, with the Topix Index climbing from the first weekly drop in five weeks, as the yen weakened after European Union finance ministers approved a bailout agreement for Cyprus today.
Sony Corp. (6758), a consumer-electronics exporter that gets 20 percent of its sales fromEurope, gained 3.1 percent. Fuji Heavy Industries Ltd. rose 2.5 percent on a Nikkei newspaper report that the Subaru maker’s operating profit may surge. Furukawa (5715) Co. soared 22 percent to lead gains on the Nikkei 225 Stock Average after the industrial-machinery maker raised its dividend forecast. Konica Minolta Holdings Ltd. slumped 2.9 percent after the lensmaker’s investment rating was cut.
The Nikkei 225 gained 1.7 percent to 12,546.46 at the close in Tokyo, with volume 30 percent lower than the 30-day average. The Topix climbed 0.8 percent to 1,047.29. All but three of its 33 industry groups advanced.
“Now that they’ve reached an agreement, there’s relief as it seems the financial system has been saved for now,” said Kiyoshi Ishigane, a senior strategist in Tokyo at Mitsubishi UFJ Asset Management Co. in Tokyo, which oversees about $74 billion. “Fundamentals here remain strong, with the trend toward a weakening yen, as well as the global economic recovery with the U.S. and Asia boosting Japanese exporters.” ….”
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