Nikkei up 0.7 pct, trading houses lifted by oil

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By Taiga Uranaka

TOKYO, April 23 (Reuters) - Japan's Nikkei average rose 0.7 percent on Wednesday, lifted by trading houses like Mitsubishi Corp (8058.T: Quote, Profile, Research, Stock Buzz) and Mitsui & Co (8031.T: Quote, Profile, Research, Stock Buzz) on record high oil prices.

Exporters like Toyota Motor Co (7203.T: Quote, Profile, Research, Stock Buzz) fell as a stronger yen and overnight losses on Wall Street prompted investors to lock in recent gains ahead of Japanese corporate earning season.

"Money has been flowing to beneficiaries of high oil prices such as trading houses and other resources shares, but investors are concerned about exporters ahead of earnings," said Noritsugu Hirakawa, strategist at Okasan Securities.

U.S. crude oil futures jumped to a record near $120 on Tuesday as a weak dollar encouraged buying of commodities and as developments in Nigeria and the U.K. stoked supply concerns. [ID:nN22456547]

Trading houses, which have stakes in overseas oil fields and coal mines, rose, with Mitsubishi up 3.4 percent at 3,610 and Mitsui climbing 4.5 percent to 2,570 yen.

Oil and gas field developer Inpex Holdings Inc (1605.T: Quote, Profile, Research, Stock Buzz) rose 3.3 percent to 1.26 million yen.

Inpex and trading house Itochu Corp (8001.T: Quote, Profile, Research, Stock Buzz) said on Tuesday that a BP-led (BP.L: Quote, Profile, Research, Stock Buzz) consortium including the two companies had started oil production at the Gunashli field in the Caspian Sea in Azerbaijan [ID:nT311994].