stocks rebounded sharply Wednesday as oil prices bounced back, but investors remained nervous about the outcomes of policy meetings of the
and the Bank of Japan
The 225-issue Nikkei Stock Average ended up 455.02 points, or 2.72 percent, from Tuesday at 17,163.92. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 40.47 points, or 2.98 percent, higher at 1,400.70.
Every industry category on the main section gained ground, led by finance stocks, pulp and paper, and banks.
After opening higher following losses the previous day,
stocks continued to climb, briefly gaining more than 500 points. They slightly lost steam as
stocks lagged, but maintained their upward momentum throughout the day.
"Oil has been the main driver of sentiment in the
stock market," Yutaka Miura
, senior technical analyst at Mizuho Securities Co.
Miura said stocks have been tracking the volatile swings in oil prices, with equities falling when crude prices tumble and jumping when they rebound.
"Cheap crude prices could be a positive factor for the real economy, but investors are now paying more attention to their negative aspects," Miura added.
Crude oil futures bounced back above the $30-a-barrel line, rising to $31.45 in
The rebound came amid rumors that some members of the Organization of Petroleum Exporting Countries may be willing to consider production cuts, analysts said.
They added, however, that investors refrained from making bold moves before the
and Japanese central banks end their policy meetings later Wednesday and Friday, respectively.
"There is broad speculation that the Fed could signal a slower pace of rate hikes this year and that the BOJ could unveil fresh stimulus or at least hint at it," said Chihiro Ota, general manager of investment research at SMBC Nikko Securities Inc.
stocks are likely to react greatly to the outcomes, he said.
On the First Section, advancing issues trounced declining issues 1,831 to 78, while 24 ended the day unchanged.
Toyota Motor and Suzuki Motor rose on reports Wednesday that the two car companies have begun tie-up talks for compact vehicles in emerging economies, including
. Suzuki Motor
spiked 366 yen
, or 11.4 percent, to 3,590 yen
, while Toyota Motor
jumped 252 yen
, or 3.8 percent, to 6,881 yen
Sony climbed 82 yen, or 3.4 percent, to 2,512 yen after the electronics company said Tuesday it will acquire Israeli chip manufacturer Altair Semiconductor.
Nikkei heavyweight SoftBank Group jumped 338 yen, or 7.0 percent, to 5,187 yen after the telecommunication firm's
unit Sprint posted a smaller-than-expected quarterly loss and raised its earnings outlook Tuesday, analysts said.
Resource-related issues tracked moves in oil prices, with Cosmo Energy Holdings climbing 39 yen, or 3.1 percent, to 1,281 yen.
Trading volume on the main section rose to 2,257.57 million shares from Tuesday's 2,157.29 million shares.
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