At closing bell, the 225-issue Nikkei Stock Average advanced 595.21 points, or 2.22%, to 27,460.40. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 31.93 points, or 1.67%, to 1,946.63.
Total 32 of 33 TSE issues advanced, with top performing sectors were Rubber Products (up 6.4%), Marine Transportation (up 3.4%), Air Transportation (up 3.3%), Machinery (up 2.8%), Insurance (up 2.6%), and Chemicals (up 2.4%).
The rebound rally on the Tokyo market came on signs of de-escalating geopolitical tensions along the Russia-Ukraine border after Russia said it had withdrawn some of its troops near the Ukraine border, prompting bullish equities sentiment and causing crude prices to slide on easing supply concerns.
Shares of Denso went up 2.6% after the auto parts maker said that it will invest US$350 million in a joint chip production venture set up in Kumamoto Prefecture by Taiwan Semiconductor Manufacturing Co. and Sony Semiconductor Solutions Corp.
Shin-Etsu Chemical shares rallied 3% after it announced plans to increase its production of high-performance silicone used in electric vehicles.
CURRENCY NEWS: The dollar was firmer above 115.60 yen in Tokyo trading Wednesday amid receding risk aversion. At 5 p.m., the dollar stood at 115.64-64 yen, up from 115.34-34 yen on Tuesday.
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