Japan Stocks Lifted By Higher Commodities Prices

TOKYO (AP) — Japanese stocks climbed Wednesday, led by resource companies benefiting from higher commodities prices.

The benchmark Nikkei 225 stock average rose 107.80 points, or 1.1 percent, to 9,799.60 as part of overall regional gains. The broader Topix index added 1.6 percent to 885.69.

Oil prices rose above $71 a barrel Wednesday in Asia as hopes for a global economic recovery boosted expectations that crude demand will grow.

On Tuesday, investors seeking safety from a falling dollar and inflation sent gold prices surging to a new high of $1,045 an ounce, surpassing a previous intraday high of $1,033.90 logged in March 2008 after Bear Stearns Cos. collapsed.

Shares of oil and non-ferrous metals companies jumped as a result, with Nippon Oil Corp. up 3.1 percent at 493 yen. Sumitomo Metal Mining Co. advanced 5.4 percent to 1,532 yen, and Mitsubishi Materials Corp. soared 6.6 percent to 259 yen.

Banks also made big strides as concerns about new equity issuance eased.