Japanese stocks are higher after oil prices fell overnight, easing concerns about rising inflation and fast-paced rate increases by global central banks. Chip-related, banking and metals stocks are leading gains. Tokyo Electron Ltd. is up 3.6%, Soft Bank Group is 3.8% higher, Mizuho Financial Group is up 2.5% and Sumitomo Metal Mining is 3.8% higher.

The dollar is at 157.33 yen, compared with Y157.34 as of Tuesday’s Tokyo stock market close. Investors are closely watching developments in the Middle East, crude oil prices and bond yields. The Nikkei Stock Average is 1.5% higher at 66460.68.