Japanese Stocks Advance as EU Mulls Debt Deal

By Akiko Ikeda and Satoshi Kawano - Jun 27, 2011 6:31 PM PT

Japanese stocks rose on expectation Greece may be allowed to roll over some of its bonds, helping cushion Europe from a banking crisis that could destabilize one of Asia’s biggest export markets.

Sony Corp. which sells about 20 percent of its PlayStation game consoles and other products in Europe, advanced 1.1 percent. Ricoh Co., an office-equipment maker, climbed 1.3 percent after the Nikkei newspaper reported the European Union will cut tariffs. Tokyo Steel Manufacturing Co. jumped 3.4 percent after Goldman Sachs Group Inc. raised its rating, saying the maker of construction materials will benefit as Japan rebuilds from the March earthquake and tsunami.

“Investors are becoming more optimistic,â€