Japanese Stock Indexes Rise on Commodities Prices, Currency; Banks Decline

Japan’s benchmark stock indexes rose as increased oil and metals prices boosted commodity-related companies, and a weaker yen improved the outlook for export earnings. Banks declined.

Inpex Corp., Japan’s largest oil-exploration company, gained 2 percent after crude oil climbed to an eight-week high on Oct. 1. Sumitomo Metal Mining Co., Japan’s largest gold producer, advanced 2.9 percent after gold rose to a record that day. Sony Corp., an electronics maker that gets 22 of sales in the U.S., and Honda Motor Co., which derives almost 85 percent of its sales abroad, increased at least 1.5 percent. Mizuho Financial Group Inc. retreated 3.4 percent.

“Money is flowing into riskier assets, including commodity-related shares,” said Junichi Misawa, head of equity investment at Tokyo-based STB Asset?Management Co., which oversees about $14 billion. “Japanese stocks are relatively cheap and lagging behind the other markets across the world.”

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