Tokyo: Japanese stocks gained, paced by commodity-related shares such as Mitsubishi Corp. and Sumitomo Metal Mining Co. after prices of crude oil and metals climbed on 23 March.
“Trading companies, miners and oil-related shares may lead today’s gain after crude prices jumped above $61,” said Soichiro Monji, who helps oversee about $47 billion at Daiwa SB Investments Ltd. here.
Mitsubishi Corp. and Japan Petroleum Exploration Co. also rose after Japan Petroleum said the companies will invest in an Indonesian gas area and boost its production sixfold. JP Morgan Securities Asia Pte began covering Mitsubishi Corp. and Itochu Corp. with “overweight” ratings.
The Nikkei 225 Stock Average advanced 107.05, or 0.6%, to 17,526.25 as of 9:07 a.m. in Tokyo. The broader Topix index rose 10.70, or 0.6%, to 1742.50.
Nikkei futures expiring in June added 0.4% to 17,440 in Osaka and gained 0.3% to 17,435 in Singapore.