TOKYO: Tokyo stocks rebounded 1.86 percent Thursday, after two days of losses, as the yen gained against the dollar.
The Nikkei 225 index rose 312.74 points to end at 17,108.70, while the Topix index of all first-section shares gained 1.37 percent, or 18.62 points, to 1,376.60.
“Given the return in oil prices and the deep sell-off yesterday in Japanese stocks, the conditions could be there for a rebound,” Mitsushige Akino, an executive officer at Ichiyoshi Asset Management, told Bloomberg News.
“The risk-off sentiment pushed the dollar-yen pair to as low as 116, but that was probably going too far in the short term.”
The Nikkei lost 1.71 percent on Wednesday as global markets were routed by a plunge in oil prices towards six-year lows.
On Wall Street, the Dow Jones Industrial Average lost 1.06 percent, falling for the fourth straight day after a disappointing US retail sales report and a weak global economic forecast from the World Bank.
The weak US data led to a slump in the dollar, which at one point hit 116.08 yen in New York before recovering to sit at 117.39 yen by the end of the day.
On Thursday the greenback climbed to 117.91 yen in Tokyo.
The yen weakness lifted exporters, while the rally Wednesday in oil prices helped energy firms.
Toyota rose 1.75 percent to 7,526.0 yen, Sony was up 2.73 percent at 2,500.0 yen, and oil refiner Inpex increased 2.89 percent to 1,242.5 yen.
Uniqlo clothing chain operator Fast Retailing gained 2.39 percent to 42,945.0 yen, after saying Thursday it was taking steps to improve working conditions at two of its Chinese suppliers. The pledge came after a rights group accused the suppliers of forcing employees to work in unsafe conditions for low pay.
Bucking the uptrend, budget airline Skymark plunged after a report said talks about a capital injection deal with bigger rival All Nippon Airways (ANA) had collapsed.
The shares dropped as much as 15.38 percent in early trading, before ending at 363.0 yen, down 6.92 percent.
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