TOKYO: Japanese stocks rose as gains by retailers and airlines outweighed a drop among energy explorers as crude oil neared a bear market.
Airline ANA Holdings Inc. climbed 2.2 percent on the prospect for lower fuel costs. Nitori Holdings Co. jumped 4.4 percent, heading for a record close, as retailers contributed the most to gains on the Topix index. Nidec Corp. soared 9.1 percent after the electronic-parts manufacturer reported better-than-expected earnings. Eisai Co. was the biggest drag on the Topix, sinking 6.9 percent, after trials of an Alzheimer’s drug it is co-developing were inconclusive.
The Topix climbed 0.4 percent to 1,661.29 as of 12:39 p.m. in Tokyo, with three stocks rising for every two that fell. The Nikkei 225 Stock Average added 0.4 percent to 20,667.59. The yen traded at 123.96 after weakening Wednesday as better-than-expected data on U.S. housing and a commodity rout boosted the greenback.
“It’s not determined yet whether the U.S. rate hikes will be in September or December, but the housing data strengthens the case for a September hike a little,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “A slowdown of the global economy is bringing down commodity prices.”
A report Wednesday showed sales of existing U.S. homes climbed 3.2 percent to an eight-year high in June, while prices rose to a record. The data bolstered the case for the Federal Reserve to raise interest rates, lending strength to the dollar.
