Japanese Stocks Gain as Trading Companies Climb in Tokyo
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Japanese stocks rose, with the Nikkei 225 Stock Average recording its highest close since last year’s earthquake, as trading companies gained on higher crude prices. Utilities fell after Citigroup Inc. reduced its recommendation on the companies.
Mitsui & Co., a trading house that counts commodities as its major source of profit, increased 0.9 percent. Fanuc Corp., an industrial robot maker, rose 2 percent after Citigroup boosted its share-price estimate on the outlook for higher demand. It was the biggest contributor to the Nikkei’s advance. Kansai Electric Power Co. slumped 4.2 percent after Citigroup cut its rating on the stock and broadcaster NHK reported Osaka City may urge the utility to abolish nuclear reactors.