Nikkei closes at 9-week high as oil tumbles

Japan’s Nikkei index changed direction to rise in the last hour of Thursday’s trading session after falling oil prices allayed inflation fears in a country that relies on imports for its energy needs.

US crude gave up its previous gains, falling more than one percent, while investors assessed the chances of new supplies reaching the market, which suffers from a lack of supply, with the possibility of reaching a new agreement with Iran.

The Japanese Nikkei index closed up 0.25 percent to record 28,110.39 points, its highest level since Jan. 18.

The slightly broader Topix index rose 0.14 percent to 1981.56 points.

Pacific Metals was the best performer on the Nikkei index, jumping 12.06 percent. Toyota Motor Co. rose 2.95 percent, the third-biggest gainer on the index, after the company announced a 100 billion yen share buyback.

Tokyo Electron rose 2.19 percent and SoftBank Group rose 1.42 percent. Shares of Fast Retailing, owner of the Uniqlo clothing store chain, were the biggest loser, down 0.91 percent.