5:00 AM New York, 7:00 PM Tokyo – Japan January exports surged 41% and imports increased 7% as exports to the U.S., EU and China rebound for the second month in a row. Current account swings to a surplus from a year ago month. JFE Holdings agreed to a 55% increase in price in a quarterly contract, a departure from a yearly price negotiation.

Japan’s stock indexes rose after January exports rose more than forecasted, according to a government report and a private report suggested that corporate bankruptcies dropped in February.

French President Nicholas Sarkozy after a meeting with Greek Prime Minister George Papandreou said that Greece does not need emergency funds but Europe is prepared to help Greece if needed. Papandreou is scheduled to meet U.S. President Barack Obama in Washington tomorrow.

Greece is rated A2 by Moody''s Investors Service and BBB plus by Standard & Poor''s and Fitch Ratings.

Nearly 20 billion euros of debt is due to Europe’s most indebted country in April and May. Greece has the largest budget deficit as a percentage of its gross domestic product of any nation in the euro zone.

In Tokyo trading Nikkei 225 Stock Average jumped 2.1% or 216.96 to 10,585.92, and the broader Topix Index advanced 1.8% to 927.31.

In the first section of the Tokyo Stock Exchange 9.2 billion shares worth 616 billion yen were traded and in the second section 136 million shares valued at 2 billion yen changed hands,

Of the Nikkei 225 index stocks, 213 gained, 10 fell, and 2 were unchanged. Tosoh Corp. led advancers in the index shares with a rise of 6.2% followed by Dentsu Inc. increasing 6.04%.

Japan’s Exports Soar 40.6% in January

Japan’s Ministry of Finance reported today that the country’s current account surplus rose to 899.8 billion yen in January from a deficit of 132.7 billion yen in the comparable year ago period.

The balance of trade in goods and services posted a surplus of 37.3 billion yen from a deficit 1.1 trillion a yen a year earlier, while the surplus in merchandise trade stood at 197.2 billion yen.

Exports gained 40.6% to 4.6 trillion yen on increasing shipments Asia, particularly China.

Imports advanced 7.1% to 4.4 trillion yen as crude oil import prices edged up 80%.

February Lending Falls 1.6% to 400 trillion yen

Bank of Japan said today the average lending by financial institutions fell 1.6% to 400.16 trillion yen in February, dropping for the third consecutive month on falling corporate fund demand.

Lending at city banks, including major banks and trust banks, contracted 3.3%, while lending at chinking banks decreased 0.5%.

However, the combined average lending balance at regional and second-tier regional banks climbed 0.3%.

Corporate Bankruptcies Drop 17% in Feb

Private research firm, Tokyo Research Ltd said today the number of companies entering bankruptcy with debts of at least 10 million yen decreased 17% to 1,090 in February from a year ago, falling for the seventh consecutive month.

Corporate bankruptcies declined below 1,100 in the month for the first time in four years.