TOKYO, (APP/AFP): Tokyo shares gained Thursday morning, as
energy stocks spiked after Brent crude soared above $50 a barrel for the first time this year, while markets focused on a G7 leaders’ summit in Japan.
Heads of state and government from the Group of Seven nations kicked
off two days of talks in Japan on Thursday with the sputtering global economy likely on top of the agenda.
By the lunch break, Tokyo’s Nikkei 225 index climbed 0.29 percent, or
48.28 points, to 16,805.63, while the broader Topix index of all first-section shares rose 0.28 percent, or 3.79 points, to 1,346.67.
Sentiment was boosted by a solid lead on Wednesday from stock markets
in Europe and the United States, as investors took a positive view of a possible Federal Reserve interest rate hike.
“Markets are now more accepting of a US rate increase,” Mitsushige
Akino, an executive officer at Ichiyoshi Asset Management, told Bloomberg News.
“The thought is that an increase won’t stop the US economy from growing,
but if the global economy slows, they have the means to change their policy.”
Oil-linked shares picked up sharply as the price for a barrel of
Brent crude surged to its highest level of the year, surpassing $50 for the first time in 2016 on a fall in US oil inventories.
Energy explorer Inpex soared 3.01 percent to 856.7 yen and refiner JX
Holdings tacked on 1.60 percent to 431 yen.
Takata surged more than four percent after it said on Wednesday it
hired investment bank Lazard to look for financial sponsors willing to invest in the crisis-hit airbag maker.
An expert panel formed in February is negotiating with automakers on
cost claims, Takata said in a statement released during US trade, according to Bloomberg News. Takata shares soared 4.49 percent to 395 yen.