Nikkei Bounces on Oil Price Retreat
The Japanese stock market showed signs of recovery on Monday as oil prices retreated. The Nikkei 225 Index rose 0.2% to above 64,700, while the broader Topix Index gained 0.6% to 4,035.
The rebound came after a weekend in which the US held off on attacking Iran and Tehran suspended its retaliatory operations. Japan's economy is heavily dependent on Middle Eastern oil imports, making it sensitive to supply disruptions and price swings.
On the domestic front, Prime Minister Sanae Takaichi saw her approval ratings slip as the government's measures to ease inflation continued to fall short of household expectations.
Among individual stocks, notable gains were seen from Mitsubishi UFJ (0.9%), SUMCO Corp (6%), Nintendo (4.1%), Toyota Motor (1.6%), and Fast Retailing (1%).