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