Japanese
stocks rose as investors weighed economic data and as oil prices slid
after OPEC took no action to ease a global supply glut.
The
Topix gained 0.5 percent to 1,398.10 as of 9:01 a.m. in Tokyo, with all
but three of its 33 industry groups rising. The measure is headed for
0.2 percent loss this week and a 4.8 percent gain in November. The
Nikkei 225 Stock Average added 0.5 percent to 17,330.84 today. The yen
fell 0.1 percent to 117.88 per dollar, weakening for the first day in
four.
Reports
in Tokyo today showed Japans consumer prices rose 2.9 percent from a
year earlier in October, slowing for a third straight month, while
household spending dropped 4 percent. The jobless rate dropped to 3.5
percent from 3.6 percent, while retail sales unexpectedly declined 1.4
percent from September and industrial production rose 0.2 percent on the
month, beating estimates for a 0.6 percent contraction.
West
Texas Intermediate crude tumbled 6.3 percent to $69.05 a barrel in
electronic trading, and Brent fell to the lowest since 2010. The
Organization of Petroleum Exporting Countries maintained its production
ceiling of 30 million barrels a day at a meeting in Vienna, resisting
calls from Venezuela that a supply cut was needed to stem the rout that
has sent oil prices into a bear market this year.
Through
yesterday, the Topix is up 18 percent from an Oct. 17 low after the
central bank added to quantitative easing and the $1.1 trillion pension
fund pledged to buy more shares.
Source: Bloomberg
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