Honda Motor Co., Japan's second-largest carmaker by market value, gained 3.9 percent. Mitsubishi Corp., Japan's biggest commodities trader by revenue, climbed 2.8 percent after prices for oil and metals advanced. Komatsu Ltd., Asia's No. 1 maker of heavy machinery by market value, jumped 6.5 percent after U.S. factory orders unexpectedly increased.
The Nikkei 225 Stock Average rose 1.3 percent to 8,750.76 at the 11 a.m. break in Tokyo. The broader Topix Index advanced 1.3 percent to 748.49, with more than three shares rising for each that fell. The Nikkei is on course for a 3.3 percent drop this week, and the Topix is set for a 3 percent slide.
“Greece's backdown on referendum fueled confidence in the market as the worst-case scenario, where that country exits the euro zone, can be avoided,” said Kiyoshi Ishigane, a senior strategist in Tokyo at Mitsubishi UFJ Asset Management Co. which oversees the equivalent of $84 billion. “Germany and France are coming out strongly in support of maintaining the euro, which is good for the market.”
The Topix has tumbled 18 percent this year through Nov. 2 amid concern U.S. growth is sputtering and Europe's debt crisis will spread to the banking system. The decline has cut the price of shares on the index to 0.89 times estimated book value, near the lowest since March 2009.
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