TOKYO: Japanese stocks rose as the yen weakened for the first time in five days. Energy companies led gains as crude prices touched a 2015 high.
Inpex Corp., the nation’s largest oil explorer, jumped 5.4 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, rose 2.8 percent. Nomura Real Estate Holdings Inc. advanced 3.1 percent after raising its earnings forecast. Hioki EE Corp. surged 13 percent after profit jumped at the maker of electric measuring devices. Japan Airlines Co. slipped 2 percent.
The Topix gained 0.7 percent to 1,599.42 at the close in Tokyo, reversing a drop of 0.4 percent. Before today, the gauge had been stuck in an eight-point range since reaching a seven-year high last week. The Nikkei 225 Stock Average added 0.1 percent to 19,885.77. The measure briefly topped 20,000 last week for the first time in 15 years. The yen slid 0.2 percent to 119.33 per dollar, the first drop in five days.
“There’s a sense shares will eventually rise on the back of good earnings, but there’s a lack of factors to push the Nikkei 225 beyond 20,000 right now,” Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co. in Tokyo, said by phone. “If shares fall, there’ll be buying from public funds — we still have good demand. I don’t expect shares to fall that low as investors will buy on dips.”
