Nikkei gains on corporate tax cut hopes; oil shares surge on Iraq

Fri Jun 13, 2014 2:19am EDT

TOKYO, June 13 (Reuters) - Japan's Nikkei share average
bounced off a 2 1/2-week low struck in early trade on Friday,
spurred by a Jiji news agency report that Prime Minister Shinzo
Abe plans to announce the policy regarding a cut in the
corporate tax rate later in the day.
    The Nikkei rose 0.8 percent to 15,097.84, after
earlier falling to 14,830.99, the lowest since June 2. For the
week, the index added 0.1 percent, posting a fourth consecutive
weekly gain.
    Oil sector shares surged after crude prices jumped to
nine-month highs on Thursday due to fears that the escalating
conflict in Iraq will disrupt supplies from OPEC's
second-largest producer.
    The broader Topix gained 0.5 percent to 1,243.97,
while the JPX-Nikkei Index 400 advanced 0.5 percent
to 11,323.47.

 (Reporting by Ayai Tomisawa; Editing by Simon Cameron-Moore)