The Nikkei rose 1.7% as bargain hunters scooped up exporters such as Canon andSony following their recent slide. A late rally on Wall Street, recovering much of the earlier slide, also boosted sentiment in Tokyo although concern about European debt and escalating tensions between North and South Korea continued to weigh.
Commodity related companies did well after mining giant Rio Tinto said it expects commodity demand in China to increase over the next decade. The news helped the benchmark index dust off Tuesday’s six-month closing low.
Steel giant JFE Holdings was up 0.6% after a report said it was increasing operations to expand business in developing countries.
Electricals such as Advantest rose 0.8% while Nikon added 1.0%.
Financials were in demand with Sumitomo Mitsui up 1.02%, Mizuho Financialincreasing 0.61% while Mitsubishi Tokyo added 0.23%.
The Nikkei 225 index settled up 62 points at 9,523 in Tokyo.
The Hang Seng gained 1.2%, recovering from a 10-month low, as shipping and insurance stocks spearheaded gains. Ping An Insurance rallied 3.1% while China Life Insurance gained 1.4%. Banks such as HSBC rose 1.36% and ICBC advanced 2.59%.Pacific Basin Shipping steamed 3.3% ahead in Hong Kong.
Analysts said buyers also moved back on hopes that Beijing will not tighten future monetary policy as much as previously thought.
The Hang Seng index settled 210 points higher at 19,196.
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