Japan shares up on Greek deal, Asia gains

Feb 13, 2012, 6:31 GMT

Tokyo - Japanese stocks rose Monday as investor sentiment was lifted by gains on some other Asian markets and the passage of a crucial austerity and debt relief bill by Greece's parliament.

The benchmark Nikkei 225 Stock Average gained 52.01 points, or 0.58 per cent, to end at 8,999.18 while the broader Topix index was up 2.61 points, or 0.34 per cent, at 781.68.

Tokyo stocks got a boost in the afternoon as some other Asian markets climbed. By midafternoon, Hong Kong's Hang Seng Index had risen 0.68 per cent and South Korea's Kospi Index had gained 0.77 per cent.

Japan's economy shrank at an annualized pace of 2.3 per cent in the October-December quarter, caused by the temporary effects of massive flooding in Thailand, the government said.

Exports dropped 3.1 per cent from the previous quarter as the flooding in Thailand in late 2011 disrupted Japanese manufacturers' production, the Cabinet Office said in a preliminary report.

The contraction had little impact on share prices as it was within expectations, traders said.

On currency markets at 3 pm (0600 GMT), the dollar traded at 77.61-62 yen, down from Friday's 5 pm quote of 77.69-70 yen.

The euro was quoted at 102.83-84 yen, down from 102.96-103.00 yen late Friday, and at 1.3248-3249 dollars, down from 1.3254-3256 dollars.