Nikkei up 0.9 pct as credit worries ease, Inpex jumps

(Updates to midday)

TOKYO, May 7 (Reuters) - Japan's Nikkei stock average rose 0.9 percent on Wednesday to hit its highest point in nearly four months as easing concerns about the credit crisis boosted financial shares such as Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research, Stock Buzz), while high-tech exporters and automakers rose on a softer yen.

Resource-related shares such as Inpex Holdings (1605.T: Quote, Profile, Research, Stock Buzz) and trading houses jumped after oil shot to a record above $122 a barrel on Tuesday. [ID:nSIN170894]

The benchmark Nikkei average .N225 ended the morning session up 130.23 points at 14,179.49, hitting its highest level since Jan. 15.

The broader TOPIX index gained 1.6 percent or 21.50 points to 1,398.89.

Japanese markets were closed on Monday and Tuesday for national holidays. (Reporting by Aiko Hayashi)