By Kosaku Narioka 

TOKYO--Japanese stocks rose to a 15-year high on an intraday basis Thursday morning as investors take a renewed interest in companies that have shifted their focus back to growth and efficiency.

In early trading, the Nikkei Stock Average increased 0.6% to 18305.93, reaching its highest intraday level since May 2000.

There are recent signs that Japanese companies ranging from Canon to Sony are starting to tap into their large cash piles, reinforcing their core businesses and buying out firms for expansion. They are finally leaving behind a period of uncertainty following the 2008 global financial crisis and the aftermath of March 2011 disaster.

Prime Minister Shinzo Abe's new economic policies, which have weakened the yen and generated mild inflation, are also giving domestic firms a tailwind.

Cash-rich Canon announced earlier in February that it will buy Axis AB, a Swedish network video solutions provider, for around $2.8 billion. Electronics and entertainment company Sony Corp. said Wednesday that it would spin off its audio and video units so the parent can focus on entertainment and image sensor businesses, while industrial-robot maker Fanuc said Monday it would invest more than $1 billion in new factories and research facilities at home.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

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