Japanese shares jumped on Tuesday, tracking Wall Street overnight, boosted by shipping stocks after Mitsui OSK Lines more than tripled its halfyearly net profit forecast.
The Nikkei share average jumped 3.12 to 28,884.13, with all 225 shares advancing, and marked its biggest percentage gain since June last year. The index tumbled 3.3 in the previous session.
Shippers led gains, with the top three firms logging rise of more than 10, after Mitsui OSK Lines raised its forecast for sixmonth net income to 170 billion yen 1.54 billion from 50 billion yen.
Mitsui OSK was among the top performing stocks on the Topix, jumping 10.2 and touching a decade high. Rival Kawasaki Kisen rallied 10.2 and also reached a decade high, while Nippon Yusen gained 10.3.
The broad Topix rose 3.16, reversing Mondays 2.4 slide, with every sector advancing.
Value stocks outperformed, with the Topix Value index rallying 3.4, compared with the Topix Growth indexs 3 climb.
The global equity selloff last week, which spilled into Asian stocks on Monday, came after the Fed unexpectedly signalled earlier rate hikes and St. Louis Fed President James Bullard said the shift toward faster policy tightening was a natural response to economic growth.
However, U.S. stocks posted sharp gains on Monday, with the SP 500 advancing 1.4.
After the rebound on Wall Street, investors have confidence to start buying back Japanese shares, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset…