Japanese Stocks Climb


Japanese shares rose for the first time in a week after crude oil dropped, and as credit-market concerns eased amid speculation Lehman Brothers Holdings Inc. will receive an investment.

Bridgestone Corp., the world's largest tiremaker by sales, surged 4.1 percent after oil fell more than $6 a barrel and Federal Reserve Chairman Ben S. Bernanke said inflation should slow. Mitsubishi UFJ Financial Group Inc., Japan's largest publicly traded bank, jumped 4.8 percent after a report Korea Development Bank might invest in Lehman.

The Nikkei 225 Stock Average rose 212.62, or 1.7 percent, to 12,878.66 at the close of trading in Tokyo. The broader Topix index advanced 22.83, or 1.9 percent, to 1,239.25, the biggest gain since Aug. 6. Only two of the 33 industry groups on the Topix fell. Volume on the first section of the Tokyo Stock Exchange plunged to 1.31 billion shares, the lowest for a full day of trading since September 26, 2006.

The stronger dollar and the reopening of a pipeline through Georgia helped send crude oil for October delivery 5.4 percent lower to $114.59 in New York on Aug. 22, the biggest drop since December 2004. The contract traded at $114.60 today.


TradingEconomics.com, Bloomberg
8/25/2008 6:45:14 AM