Nikkei rises as rebound in oil prices eases worry about global economy
* Market unaffected by news machinery orders up less than expected * Skymark dives after Asahi says it will not seek help from ANA By Ayai Tomisawa TOKYO, Jan 15 (Reuters) - Japan's Nikkei gained on Thursday, recovering from a one-month low as rebounding oil prices eased worries about the global economy, while a pause in the rising yen lifted exporters such as Toyota Motor Corp. The Nikkei rose 1.0 percent to 16,970.96 in mid-morning trade. It fell 1.7 percent the previous day to close at the lowest level since Dec. 17. World oil prices had their biggest surge in two-and-a-half years overnight, rebounding from a nearly six-year low as traders turned away from the bearish pressures of a worldwide glut to cover themselves on expiring options. "People have been focused on negative effects that falling oil prices would have on the global economy, and these short-term players have made the market volatile," said Masaru Hamasaki, head of market and investment information department at asset manager Amundi Japan. "But in the long term, weak oil prices and weak yen have benefits for Japan, and if they start focusing on such long-term effects, the market will likely post stable gains." On Thursday, exporters were in demand as the dollar rose to 117.33 yen, recovering from 116.07 yen, a level last seen on Dec. 16. Toyota gained 1.3 percent, Sony Corp added 1.4 percent and Canon Inc rose 0.9 percent. Bucking the strength, Skymark Airlines tumbled 15 percent to a two-week low after the Asahi Shimbun reported the struggling airline decided not to seek help from ANA Holdings and will likely try to reconstruct its business on its own. Skymark's shares rose last month on news it would hold talks on code-share flights with ANA and seek fresh funds from investors. The market did not move on news that Japan's core machinery orders rose less than expected in November due to declining orders in the manufacturing sector. The data suggested companies are still cautious about capital expenditure due to worries about domestic demand. The broader Topix added 0.8 percent to 1,368.54, and the JPX-Nikkei Index 400 advanced 0.8 percent to 12,412.97. (Editing by Richard Borsuk)
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