Japan’s Nikkei share average rose on Tuesday, with a strong performance on Wall Street, higher oil prices and a weaker yen boosting investor sentiment.
iPhone suppliers were in demand after Apple Inc’s stock soared as Warren Buffett’s Berkshire Hathaway reported a stake worth about $1 billion in the iPhone maker.
The Nikkei gained 0.9 per cent to 16,607.70 by late morning.
“The market is stable overall, but there are not enough strong catalysts to lift investors’ appetite,” said Kazuhiro Takahashi, equity strategist at Daiwa Securities.
Fiscal stimulus
He said investors were focused on the development of government fiscal stimulus before a weekend gathering of G7 finance leaders which may expose a rift on issues ranging from currency and fiscal policies within the close-knit group of advanced economies.
Oil shares outperformed, with Inpex Corp soaring 3.5 per cent and Japan Petroleum Exploration Co surging 2.9 per cent.
Crude oil futures held near six-month highs in early Asian trading as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices.
Apple suppliers outperformed, also helped by a weak yen. Japan Display Inc rose 1.5 per cent and Minebea Co added surging 2.3 per cent.
During Asian trade, the dollar edged up to 109.07 yen.
Shippers were strong after the Baltic Dry Index, or freight charges, gained 2.2 per cent overnight. Mitsui OSK Lines rose 4.1 per cent and Kawasaki Kisen gained 3.9 per cent.
The broader Topix rose 0.8 per cent to 1,332.45 and the JPX-Nikkei Index 400 gained 0.9 per cent to 12,063.66.