0909893154

Japan's Shares Gain, Led by Banks; Inpex Rises on Oil Above $60

Lan Q1: 0909893154

By Makiko Suzuki
Nov. 22 (Bloomberg) -- Japan's Topix index climbed for the first time in six days, led by banks, as investors judged recent declines excessive.
``Concern over the earnings outlook and slower-than-expected growth in the Japanese economy had been pushing shares lower, but all the bad news is out now,'' said Tomokatsu Mori, who helps oversee $7.4 billion at Fukoku Capital Management Inc. in Tokyo. ``I'm more bullish than before and looking for domestic-demand related shares that have been hit severely.''
Mitsubishi UFJ Financial Group Inc., Japan's largest lender by assets, and Seven & I Holdings Co., the nation's No. 1 retailer, climbed after hitting one-year lows in the past two days. Mitsubishi Estates Co., the biggest property developer, rebounded from this quarter's low.
The Topix index rose 19.92, or 1.3 percent, to 1552.87 at the 3 p.m. close in Tokyo. The Nikkei 225 Stock Average advanced 180.09, or 1.1 percent, to 15,914.23.
Sumitomo Mitsui Financial Group Inc. gained after the Nihon Keizai newspaper said the lender plans to raise its dividend by about 50 percent. A rating upgrade from Nikko Citigroup Ltd. helped Mitsui Trust Holdings Inc. recover some of yesterday's 6 percent drop.
Inpex Holdings Inc. and Sumitomo Metal Mining Co. led commodity producers higher after crude oil prices topped $60 a barrel for the first time in 10 days, and copper and nickel gained the most in five weeks.
Nikkei futures expiring in December advanced 1 percent to 15,860 in Osaka and 0.9 percent to 15,855 in Singapore.