By Patrick Rial
Sept. 24 (Bloomberg) -- Most Japan stocks rose after banks took advantage of depressed prices to invest in overseas rivals. Shipping lines fell as cargo rates for commodities dropped.
Mitsubishi UFJ Financial Group Inc., the country's biggest lender by value, climbed for a third day after saying it will buy as much as 20 percent of Morgan Stanley. Nomura Holdings Inc., Japan's largest brokerage, continued a three-day, 26 percent rally after agreeing to buy the European unit of Lehman Brothers Holdings Inc. Mitsui O.S.K. Lines Ltd., Japan's largest operator of iron-ore ships, retreated 4.8 percent.
``Japan's financial system has come out of the current crisis relatively unscathed,'' said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd., which manages $28 billion. ``Now companies like Nomura and Mitsubishi UFJ are seeing opportunities and acting on them.''
The Nikkei 225 Stock Average added 24.44, or 0.2 percent, to 12,115.03 at the close of trading in Tokyo, reversing a 1.5 percent drop. The broader Topix index retreated 0.72, or 0.1 percent, to 1,167.97. The gauge earlier fell 2.1 percent. About nine shares rose for every seven that slipped on the gauge.
Nikkei futures expiring in December gained 0.6 percent to 12,120 in Osaka and climbed 0.3 percent to 12,085 in Singapore.
To contact the reporter for this story: Patrick Rial in Tokyo at prial@bloomberg.net.
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