TOKYO: Japanese stocks rose on Wednesday to a five-week high as encouraging results from a coronavirus vaccine study and optimism about swift economic growth supported expectations that corporate earnings would pick up in the second half of the year.

The Nikkei index settled 1.59% higher at 22,945.50 after hitting its highest level since June 10, with industrial and consumer discretional shares leading the advance.

There were 207 advancers on the Nikkei index against 16 decliners.

The largest percentage gainer was car maker Nissan Motor Co Ltd with a rise of 7.25%. Advertising agency Dentsu Group Inc gained 5.48%, while plant engineering company JGC Holdings Corp added 5.37%.

The top percentage loser was pharmaceutical company Eisai Co Ltd with a 1.79% drop. Drugmaker Kyowa Kirin Co Ltd lost 1.32%, while Tokai Carbon Co Ltd slipped 0.71%.

The broader TOPIX index rose 1.56% to 1,589.51.

The volume of shares traded on the Tokyo Stock Exchange's main board was 1.08 billion, compared with the 30-day average of 1.3 billion.