Japan's Transport Shares Gain as Oil Tumbles; Mitsubishi Drops

By Patrick Rial

July 16 (Bloomberg) -- Japanese transportation shares advanced after oil posted its biggest decline in four months amid signs higher prices are curbing demand. Mitsubishi Corp. led commodities producers lower.

Japan Airlines Corp., which forecast a 23 percent surge in fuel costs this year, rose for the first time in four days. Mitsubishi Corp., Japan's largest trading company, sank the most in a week.


The Nikkei 225 Stock Average was little changed at 12,750.07 as of 9:13 a.m. in Tokyo. The broader Topix index slipped 1.19, or 0.1 percent, to 1,251.93.

Nikkei futures expiring in September added 0.1 percent to 12,770 in Osaka and lost 0.2 percent to 12,760 in Singapore.

To contact the reporter for this story: Patrick Rial in Tokyo at prial@bloomberg.net.