Japan Stocks Rise, Led by Energy Explorer, on Yen and Crude Oil

Japanese stocks rose, led by energy explorers, after the yen weakened at the end of last week as oil surged and U.S. consumer confidence reached an 11-year high.

Oil explorer Inpex Corp. jumped 2.4 percent as a measure of mining companies led gains among the 33 industry groups on the Topix index. Sony Corp., which gets about 70 percent of its sales abroad, added 2.5 percent. Sharp Corp. tumbled 8.7 percent, the most on the Nikkei 225 Stock Average, after a report the electronics maker will report a loss of tens of billions of yen. The Topix Air Transportation index, which had gained 3.6 percent in the past two weeks, fell 1.7 percent today on the outlook for more expensive fuel.

The Topix added 0.6 percent to 1,372.41 at the close in Tokyo, with two stocks rising for each that fell. The Nikkei 225 gained 0.9 percent to 17,014.29. Both gauges capped their third straight weekly decline last week. The yen traded at 117.16 per dollar after weakening 1.2 percent on Jan. 16, the biggest drop in a month.

Source: Bloomberg

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