Tokyo shares rebounded sharply on Wednesday, finishing in positive territory for the first time in 2016 as an upbeat Chinese trade report supplied some much-needed good news. The rise snapped a six-day losing streak came on the back of a weak yen and led a broad-based regional rally after more than a week of sharp losses around the world fuelled by worries over China's economy.
On Wednesday, official data showed China's December exports beat expectations, easing concerns about the state of the world's number-two economy - a key driver of global growth. The figures pushed currency traders into riskier assets, sending the yen lower and boosting Japan's exporters, which also rely heavily on the Chinese market. The benchmark Nikkei 225 index at the Tokyo Stock Exchange jumped 2.88 percent, or 496.67 points, to close at 17,715.63.
The broader Topix index of all first-section shares rose 2.86 percent, or 40.14 points, to 1,442.09. "It's a relief," Chihiro Ohta, general manager of investment information at SMBC Nikko Securities, told Bloomberg News. The dollar rebounded to 118.14 yen from 117.66 yen in New York. Also boosting sentiment, oil prices rallied Wednesday, a day after falling below $30 in New York for the first time since December 2003. In share trading, Toyota soared 2.93 percent to 6,953 yen, Sony jumped 2.80 percent to 2,750 yen and Uniqlo-operator Fast Retailing, a market heavyweight, rose 2.82 percent to 38,690 yen.