Japanese stocks rose as investors weighed economic data and as oil prices slid after OPEC took no action to ease a global supply glut.
The Topix gained 0.5 percent to 1,398.10 as of 9:01 a.m. in Tokyo, with all but three of its 33 industry groups rising. The measure is headed for 0.2 percent loss this week and a 4.8 percent gain in November. The Nikkei 225 Stock Average added 0.5 percent to 17,330.84 today. The yen fell 0.1 percent to 117.88 per dollar, weakening for the first day in four.
Reports in Tokyo today showed Japans consumer prices rose 2.9 percent from a year earlier in October, slowing for a third straight month, while household spending dropped 4 percent. The jobless rate dropped to 3.5 percent from 3.6 percent, while retail sales unexpectedly declined 1.4 percent from September and industrial production rose 0.2 percent on the month, beating estimates for a 0.6 percent contraction.
West Texas Intermediate crude tumbled 6.3 percent to $69.05 a barrel in electronic trading, and Brent fell to the lowest since 2010. The Organization of Petroleum Exporting Countries maintained its production ceiling of 30 million barrels a day at a meeting in Vienna, resisting calls from Venezuela that a supply cut was needed to stem the rout that has sent oil prices into a bear market this year.
Through yesterday, the Topix is up 18 percent from an Oct. 17 low after the central bank added to quantitative easing and the $1.1 trillion pension fund pledged to buy more shares.