Japan stocks gain in early morning, Nikkei advances 0.3%

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TOKYO: Japanese stocks clawed their way to further gains early Thursday, sitting at their best levels in 15 years as favorable forex moves flattered the blue-chip exporter shares. About 20 minutes into the session, the Nikkei Stock Average NIK, +0.47% was 0.3% higher and rising, extending its 0.9% advance Wednesday to its best close since April 2000. The broader Topix I0000, +0.53% was 0.4% firmer, with gains for both benchmarks greased by another drop for the yen, as the dollar USDJPY, -0.24% rose to ¥121.20 from ¥120.63 at the same time a day earlier. The currency-sensitive tech and industrial names saw some improvement, with Komatsu Ltd. 6301, +1.55% KMTUF, +1.30% up 1.7%, Fuji Electric Co. 6504, +1.39% FELTF, +38.57% up 1%, Sharp Corp. 6753, +0.00% SHCAF, -4.65% up 1.2% after recent losses, and Kyocera Corp. 6971, +1.20% KYOCF, +20.57% also up 1.2%. Panasonic Corp. 6752, +4.14% PCRFF, +3.60% rose 2.2%, adding to a recent rally as the company increases its solar-cell output, with the shares up 7% for the week to date. The auto makers, which are often less tied to the yen’s fortunes given their strong production presence abroad, traded mixed, with Toyota Motor Corp. 7203, +0.05% TM, -0.37% up 0.2% and Nissan Motor Co. 7201, -0.98% NSANY, -0.92% higher by 0.3%, but Honda Motor Co. 7267, -0.41% HMC, -0.60% — seen as most exposed to the latest airbag-related auto recalls — lost 0.2%. Takata Corp. 7312, -2.00% TKTDY, -6.28% which made the faulty airbags, saw its shares drop another 1% for a more-than-9% loss in the week so far. The larger financial names were also on the rise one day ahead of a monetary-policy decision, with Mitsubishi UFJ Financial Group Inc. 8306, +1.64% MTU, -0.27% up 0.6%, Sumitomo Mitsui Financial Group Inc. 8316, +1.83% SMFG, +0.34% up 0.9%, and Daiwa Securities Group Inc. 8601, +0.34% DSECF, -2.54% up 0.4%. The utilities enjoyed gains as well, with a 3.8% rise by Tokyo Electric Power Co.’s 9501, +6.56% TKECF, +7.08% leading the pack as a Nikkei news report said Tepco was teaming with Thailand’s state-owned power utility on liquefied-natural-gas operations.