(Bloomberg) —Japanese shares rallied for a third day, tracking a global equity rebound following a recovery in commodity prices. The yen held declines against the dollar, sending exporters higher.

The Topix index climbed 1.1 percent to 1,348.97 at 9:03 a.m. in Tokyo, with about four shares rising for each that fell. The Nikkei 225 Stock Average added 1 percent to 16,723.19. The yen traded at 109.16 per dollar after falling for two days while oil prices increased from a two-week low. The MSCI All Country World Index rallied 1.1 percent for its biggest gain in about a month on Tuesday.

“We’re in risk-on mode,” said Chihiro Ohta, a senior strategist at SMBC Nikko Securities Inc. “Oil prices rose, stocks rose and the dollar strengthened in overseas trading. The environment is good for Japanese stocks.”

Japanese earnings season is heading toward its peak, with about 180 companies on the Topix reporting on Wednesday and almost 700 releases on Thursday and Friday. Toyota Motor Corp. and real estate developer Mitsubishi Estate Co. post results today.

Futures on the S&P 500 Index were little changed. The underlying U.S. equity gauge gained 1.3 percent on Tuesday, the most in two months. Energy producers, industrial shares, banks and Amazon.com Inc. were among the strongest contributors.