Japanese Shares Advance on Shipping Lines, Olympic Stocks

Japanese shares rose, with the Topix (TPX) index extending a one-month high, as Olympics-related stocks surged a second day and shipping lines led gains after a measure of cargo rates jumped.

Building contractor Taisei Corp. rose the most on the Nikkei 225 Stock Average for a second day after Tokyo won its bid to host the 2020 Olympics. Mitsui O.S.K. Lines Ltd. climbed 4.2 percent after the Baltic Dry Index, a measure of commodity-shipping prices, posted its biggest advance in more than four years. Komatsu Ltd. (6301) jumped 4.7 percent on a report profit from its parts business will rise to a record.

The Topix gained 0.8 percent to 1,182.29 as of 9:18 a.m. in Tokyo, with all but two of the 33 subsectors rising. The Nikkei 225 (NKY) added 0.8 percent to 14,321.39.

Futures on the Standard & Poor’s 500 Index increased 0.1 percent. The measure gained 1 percent in New York yesterday to close at its highest level since Aug. 14, as corporate acquisitions including Koch Industries Inc.’s takeover of Molex Inc. fueled optimism. About $160 billion of mergers and acquisitions have been announced in the U.S. since the end of August, the most since 2007, data compiled by Bloomberg show.

To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

To contact the editor responsible for this story: Sarah McDonald at smcdonald23@bloomberg.net

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