Japanese stocks rebounded from the longest losing streak in two months as higher oil prices lifted energy producers and shippers gained on increases in fees for transporting commodities. Inpex Corp., Japan’s largest oil explorer, rose 5.6 percent after crude oil gained for the first time in six days. Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd., the nation’s biggest shippers, climbed more than 4 percent. Toshiba Corp. jumped 5.7 percent on a plan to combine its hard-disk drive business with that of Fujitsu Ltd. Mitsubishi Estate Co. lost 2.5 percent, extending yesterday’s 9.2 percent decline, on speculation the industry may have more failures after two real-estate companies filed for bankruptcy last week. “Investors know company earnings and the global economy will be awful this year but are expecting the recovery will be fast once it starts,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co., which oversees about $6.1 billion in Tokyo. “They are gradually shifting their funds to resources and other cyclical stocks.” The Nikkei 225 Stock Average added 54.53, or 0.7 percent, to 8,468.44 as of 12:42 p.m. in Tokyo. The broader Topix index climbed 9.64, or 1.2 percent, to 823.76, with two stocks rising for each that fell. Both gauges dropped for a third day yesterday, the longest losing streak since Nov. 20. Oil prices have tumbled by three-quarters from a record $147.27 on July 11 amid fading expectations that developing economies will support demand. Mining shares as a group have fallen 48 percent since then, pushing down their prices to 10.7 times estimated earnings for this fiscal year, almost half the ratio of the Topix. Crude Oil Crude oil for February delivery broke a five-day losing streak yesterday with a 0.5 percent gain in New York as Saudi Arabian Oil Minister Ali al-Naimi said his country will make deeper production cuts than previously announced. Oil extended its gain today, rising as much as 3.9 percent. Inpex rose 5.6 percent to 680,000 yen, while smaller rival Japan Petroleum Exploration Co. gained 2.2 percent to 4,220 yen. Mining companies were the biggest winners among 33 industry groups on the Topix, followed by shipping lines. Nippon Yusen rose 4.3 percent to 555 yen, headed for the highest close since Dec. 26. Mitsui O.S.K. added 5.5 percent to 615 yen even after saying the company will reduce its planned increase in ships amid shrinking demand. Kawasaki Kisen Kaisha Ltd., the third biggest, advanced 3.3 percent to 409 yen. The Baltic Dry Index, a measure of commodity-shipping costs, climbed for a sixth day, rising 2.5 percent to the highest level since Oct. 29. Fujitsu, Toshiba Toshiba rose 5.7 percent to 407 yen, and Fujitsu, the world’s sixth-largest maker of hard-disk drives, gained 3.8 percent to 409 yen. The companies are in final talks to combine their hard-disk drive businesses to reduce costs, according to four people familiar with the discussions. Sony Corp., the world’s second biggest maker of consumer electronics, jumped 5.8 percent to 2,115 yen. Hitoshi Kuriyama, an analyst at Merrill Lynch & Co., raised his price estimate on the stock by 9.7 percent to 2,267 yen and maintained his “neutral” rating. The stronger yen and weak demand will cause Sony to report its first operating loss in 14 years, the Nikkei newspaper reported yesterday. Mitsubishi Estate, Japan’s second-biggest developer, sank 2.5 percent to 1,259 yen, and market leader Mitsui Fudosan Co. lost 2.4 percent to 1,264 yen. Real-estate companies posted the sharpest decline among the Topix groups. Real-estate advisory company Creed Corp. and condominium builder Toshin Housing Co. separately filed for bankruptcy on Jan. 9. Tokyo Shoko Research Ltd. yesterday said bankruptcies among listed companies rose to the highest level in 2008 since World War II. Three-quarters of those failures were real estate-related, according to data compiled by Bloomberg. “Banks still seem cautious about lending to real-estate companies and I expect more failures will occur in this sector,” Shinkin’s Fujiwara said. Nikkei futures expiring in March added 1.3 percent to 8,480 in Osaka and gained 1.1 percent to 8,465 in Singapore.

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