Tokyo stocks break 3-day losing streak on bargain-hunting

Tokyo stocks ended up Thursday, snapping a three-day losing streak as investors picked up recently battered shares, while a rise in oil prices lifted energy-related issues.

The 225-issue Nikkei Stock Average ended up 111.41 points, or 0.29 percent, from Wednesday at 38,807.38. The broader Topix index finished 13.08 points, or 0.49 percent, higher at 2,661.59.

On the top-tier Prime Market, gainers were led by electric power and gas, oil and coal product and nonferrous metal issues.

The U.S. dollar edged up within the upper 147 yen range, as some participants sold the yen after factoring in a possible policy change by the Bank of Japan next week amid speculation that the central bank could end its negative interest rate policy, dealers said.

Stocks rose after erasing earlier losses, led by selling of technology heavyweights tracking declines in their U.S. counterparts overnight.

Energy firms such as oil refiner Eneos Holdings were boosted by the benchmark U.S. oil futures contract rebounding overnight after U.S. government data showed a decrease in crude oil inventories.

"With few fresh buying cues in recent days, a modest rise in U.S. futures and a slightly weaker yen helped promote bargain-hunting in the afternoon," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.

Elsewhere, automakers Nissan Motor gained 2.2 percent and Honda Motor rose 1.1 percent following reports that Nissan is considering an electric vehicle tie-up for the two firms to cooperate on parts procurement and the sharing of major components.

© Kyodo News