Also boosting market sentiments was the Bank of Japan vow to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of mounting inflationary pressures.
At closing bell, the 225-issue Nikkei Stock Average advanced by 308.53 points, or 1.1%, to 28,252.42. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 18.29 points, or 0.93%, to 1,991.66.
Shares of exporters advanced as the yen depreciating to upper 123 level against the dollar, with shares in auto and parts makers and shippers led gains. Toyota Motor rose 2.2%, Honda Motor gained 1.78% and Nissan Motor climbed 1.52%
ECONOMIC NEWS: Japan Jobless Rate At 2.7% In February- Japan jobless rate came in at a seasonally adjusted 2.7% in February, the Ministry of Communications and Internal Affairs said on Tuesday, as compared to 2.8% in January. A year earlier, the unemployment rate was at 2.9%. The job-to-applicant ration was 1.21. The participation rate was 61.8%, exceeding estimates for 61.7%, which would have been unchanged.
CURRENCY NEWS: The Japanese yen was trading at around 123.60 against greenback in Tokyo trading Tuesday after the Bank of Japan's offer Monday to buy unlimited amounts of 10-year JGBs at 0.25% for the first four days of this week. At 5 p.m., the dollar stood at 123.57-61 yen, down from 123.92-93 yen at the same time Monday. The euro was at 135.92-99 yen, up from 135.71-72 yen.
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