The Nikkei 225 initially fell more than 0.7% before reversing direction to rise 0.3% to 16,016 points. Analysts said that Friday`s fall in oil prices, which were dividing markets in Asia on Monday, were puzzling.
"Friday`s trade is hard to explain other than the fact oil got ahead of itself after a 22% rally in eight days," said Evan Lucas of IG Markets in Melbourne.
"Stockpiling hit a record level and the `accord` between OPEC and Russia has fallen off the front pages. We see an average price of $35 a barrel in [the second quarter]," he said.
In Australia, the S&P/ASX 200 index was up 0.75% to 4,989 points.
The country`s biggest steelmaker, BlueScope Steel, said first-half net profits more than doubled to A$200.1m ($142.8m; £100.2m) for the six months to December, compared to A$92.7m for the same period a year earlier, helped by a weaker Australian dollar.
Excluding one-off items, underlying net profit rose 47% to A$119m. BlueScope shares rose 1.7% in Sydney and have added more than 25% this year.
In China, investors welcomed the removal of the country`s securities regulator following recent stock market volatility. Xiao Gang has been replaced by Liu Shiyu as the chairman of the China Securities Regulatory Commission (CSRC).
The Shanghai Composite Index rose 1% to 2,888 in early trading, while the Hang Seng in Hong Kong was up 0.5% at 19,374 points.
Meanwhile, South Korea`s Kospi benchmark index was flat at 1,914 points.
More about:
-1780923278.jpg&h=190&w=280&zc=1&q=100)
