Market gains were, however, limited as traders were cautious ahead of US inflation data releasing later in global day. Investors will watch consumer price data on Thursday for clues on the Federal Reserve's plans to hike interest rates. An unexpectedly strong jobs report last week raised concerns of a more aggressive move by the central bank.
At closing bell, the 225-issue Nikkei Stock Average advanced 116.21 points, or 0.42%, to 27,696.08. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 10.39 points, or 0.53%, to 1,962.61.
Renesas Electronics shares advanced after it projected a 65% rise in 1Q revenue on year. Renesas will see solid sales growth this year. He noted that this is because demand for automotive-focused semiconductors will continue to remain elevated, as production is expected to rebound from 2021's supply constraints.
Honda Motor surged after it boosted its projection for FY net profit. It upgraded its latest forecast for an operating profit of 800 billion yen ($6.93 billion) for the year to March 31.
ECONOMIC NEWS: Japan Machine Tool Orders Grow Substantially In January- Japan's machine tool orders grew 61.4% year-on-year in January following a 40.6% rise in December, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed Wednesday. Orders increased for a fifteenth straight month. Domestic orders grew 68% and foreign demand surged 58.7%. Compared to the previous month, orders grew 2.8% in January after declining in the previous two months. In December, bookings dropped 4.2%.
Japan Producer Prices Up 8.6% On Year In January- Japan producer prices were up 8.6% on year in January, the Bank of Japan said on Thursday, and up from 8.5% in December. On a monthly basis, producer prices climbed 0.6% - following the 0.2% decline in the previous month. Export prices were down 0.2% on month and up 6.6% on year after falling 0.7% on month and climbing 8.0% on year a month earlier. Import prices fell 0.9% on month and surged 28.0% on year after rising 0.2% on month and 33.8% on year in December.
CURRENCY NEWS: The Japanese yen traded at 115.60 per dollar, weaker than levels below 115 seen against the greenback earlier this week.
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