TOKYO: Japanese stocks rose, with the Topix index poised to end a three-day drop, as rising crude oil prices pushed energy producers higher.
Inpex Corp. climbed 2.1 percent, leading a gauge of commodity producers higher. Daiichi Chuo Kisen Kaisha declined 2.6 percent and Sankyu Inc. lost 1.9 percent as shippers and rail transporters declined. Tanseisha Co. soared 5.6 percent after profit at the display maker rose 11 percent.
The Topix index rose 0.6 percent to 1,644.42 as of 12:41 p.m. in Tokyo, swinging from a loss of 0.3 percent. More than two shares rose for each that fell. The Nikkei 225 Stock Average added 0.7 percent to 20,244.16. The yen weakened 0.2 percent to 124.56 per dollar after strengthening for two days. The Topix surged 16 percent this year through Tuesday, compared with a 2.5 percent gain by the MSCI World Index.
“The Japanese market has been a strong outperformer and to some degree, until the last few days, it’s defied the correction we’ve seen in other markets,” Shane Oliver, head of investment strategy at AMP Capital Investors Ltd. in Sydney, which manages about $124 billion, said by phone. “The Bank of Japan is still pumping cash at a record rate into the economy, the yen has more downside ahead of it, which is positive for exporters, and recent economic data has been quite good. The Japanese story remains pretty positive.”
