TOKYO: Tokyo stocks rose sharply on Wednesday morning as investors moved to reclaim Tuesday’s dramatic losses on expectations that a surprise downturn in Japanese industrial production may push the Bank of Japan closer to further monetary easing.
The 225-issue Nikkei Stock Average gained 312.37 points, or 1.84 percent, from Tuesday to end the morning at 17,243.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 27.32 points, or 1.99 percent, at 1,402.84.
Gainers were led by financing business, insurance and chemicals.
Stocks opened sharply higher and hovered during the morning. On Tuesday, the Nikkei had ended down 4.05 percent amid global concerns over a Chinese-led economic slowdown.
“A natural rebound was in order following dramatic declines over Monday and Tuesday, helped further by optimism over the U.S. economy after consumer confidence figures came in stronger than expected,” said Masashi Akutsu, equity strategist at SMBC Nikko Securities Inc.
