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Japanese banks and real-estate shares rose after a report showed land prices in three of Japan’s largest cities rose for the first time in 15 years. Mitsubishi Estate Co. and Mizuho Financial Group Inc. climbed.“It’s impossible not to be bullish in the long term,” said Takashi Kamiya, who oversees $16 billion as chief strategist at T&D Asset Management Co. in Tokyo. “Everything in the economy is steadily improving and overseas investors are still buying.”A jump in crude oil heightened concern that energy prices will cause business costs to increase, while leaving consumers with less to spend. Sony Corp. and Mitsubishi Chemical Holdings Corp. paced the decline in exporters and chemical makers.

The Topix index gained 4.7, or 0.3 percent, to 1684.79 as of 1:37 p.m. in Tokyo. The Nikkei 225 Stock Average added 30.99, or 0.2 percent, at 16,520.36. For the week, the Nikkei has risen 1.1 percent and the Topix has gained 1.3 percent.

Shares jumped in early trading after Ministry of Finance figures today showed that Japanese stocks attracted more overseas buying last week than at any time this year.

Gains diminished as some investors, including T&D Asset’s Kamiya, said that corporate earnings have yet to reflect the improving prospects for the world’s second-largest economy, which have are already been priced into the shares.

Shares of companies in the 1,692-member Topix trade at an average of 23 times forecast earnings, the highest among the world’s five biggest stock markets.

Source: Bloomberg