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Japan’s Topix XXXX

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Japan’s Topix index extended a seven-year high, reversing earlier losses as gains by steelmakers and builders countered declines by oil explorers.

Steel-producer JFE Holdings Inc. gained 4 percent. Skymark Airlines Inc. soared 164 percent on a Kyodo News report Orix Corp. may support the carrier. Oil explorer Inpex Corp. sank 2.3 percent. F@N Communications Inc. tumbled 14 percent as the Internet marketing company reported slowing monthly sales.