Japan stocks rally on early Greek election results

[Elsha]

apanese stocks soared after early results from Greece's national election suggested a victory for pro-bailout forces seen as more likely to keep the country within the euro zone. The Nikkei Stock Average JP:100000018 +1.83% jumped 2% to 8,743.19, and the Topix also gained 2%, with the market getting an additional boost from a sharp weakening of the yen again both the U.S. dollar USDJPY +0.4695% and euro EURJPY +0.5260% . Shares of firms with large global exposure were among the outperformers, as Sony Corp. JP:6758 +4.47% SNE +1.54% and Pioneer Corp. JP:6773 +6.29% PNCOF -13.59% each jumped 4.2%, and Panasonic Corp. JP:6752 +3.67% PC +2.83% advanced 4%. Leading gainers among the financials included Nomura Holdings Inc. JP:8604 +2.58% NRSCF +1.40% NMR +2.62% , up 3.7%, Daiwa Securities Group Inc. JP:8601 +2.68% DSECF +8.22% rising 3.5%, and Dai-ichi Life Insurance Co. JP:8750 +4.78% DCNSF % ahead by 4.9%. Steel makers also did well, with a 4.6%gain for JFE Holdings Inc. JP:5411 +4.36% JFEEF -16.05% and a 4.4% pop for Kobe Steel Ltd. JP:5406 +4.35% .