(MT Newswires) -- Japanese shares ended higher on Wednesday after reports that the International Energy Agency proposed the largest release of oil reserves in its history to curb crude prices, offering relief to battered global equities.
The Nikkei 225 rose 1.43%, or 776.98 points, to close at 55,025.37.
The International Energy Agency has proposed the largest release of oil reserves in its history to curb surging crude prices amid the U.S.-Israel conflict with Iran, The Wall Street Journal reported, citing officials.
The move would exceed the 182 million barrels released by member countries in 2022 after Russia invaded Ukraine. Members held an emergency meeting to discuss the proposal.
Energy ministers from the Group of Seven asked the IEA to assess the situation, though officials said the group broadly supports a coordinated stockpile release as oil prices rise.
In economic news, Japan's producer price index rose 2% in February from a year earlier but fell 0.1% from January. The annual increase slowed from 2.3% in January. Prices of beverages and food rose 4.6% year on year, while petroleum and coal product prices fell 11.7%.
On the corporate front, Shares of Ajinomoto (TYO:2802) rose nearly 2% after the Nikkei said the company is bringing overseas hits such as Yum Yum instant noodles and Sazon seasoning to Japan under its "Winds of Amasia" initiative to drive domestic growth.
Shares of Daido Metalgained over 1% after the company said profit attributable to owners jumped 67% year on year to 2.46 billion yen for the nine months ended Dec. 31 while maintaining its full-year forecast.
Shares of Toho Zinc climbed nearly 2% after the company said it will reorganize its structure from April 1 following its exit from zinc smelting, shifting to three independent divisions to improve efficiency and profitability.
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