Tokyo stocks closed 1.20 percent higher Wednesday, as investors breathed a sigh of relief at signs of easing tensions in the Ukraine crisis. The benchmark Nikkei-225 index ended up 176.15 points at 14,897.63, while the Topix index of all first-section shares rose 0.73 percent, or 8.79 points, to 1,212.90.
Tokyo's bounce followed a surge in US markets Tuesday, with the broad-based S&P 500 advancing 1.53 percent to 1,873.91, hitting its second record close in three days. The Dow Jones Industrial Average surged 1.41 percent to finish at 16,395.88.
The strong rebound wiped out Monday's sharp losses that came amid worries about a stand-off between Russia and the West over Moscow's intentions in Ukraine.
"The geopolitical tension, however, is by no means over especially as measures of economic sanctions against Russia continue to be under discussion in the West," Credit Agricole said.
Investors were now turning their focus to the annual session of the National People's Congress, China's legislature, as markets look for clues about the state of the world's number-two economy.
Tokyo stocks won support from a recovering dollar as it notched up gains on the yen overnight, which is good news for Japanese exporters. The dollar bought 102.16 yen in Tokyo afternoon trade, slightly weaker than 102.24 yen in New York Tuesday afternoon but well up from the mid-101 yen range in Asia Tuesday.
In share trading, Canon gained 0.41 percent to 3,146 yen, Toshiba added 0.90 percent to 447 yen while Fast Retailing jumped 3.02 percent to 36,975 yen as the operator of the Uniqlo clothing chain started its trading debut in Hong Kong on the back of reports it was in talks to buy US clothing giant J. Crew.
Sony shares rose 2.11 percent to 1,783 yen after it announced Tuesday that it has sold more than six million PlayStation 4 consoles since the videogame system debuted in November.
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