Tokyo stocks up nearly 3% on US bounceback

TOKYO: Tokyo stocks rose nearly three percent at the break on Tuesday, rebounding from the previous session as Wall Street came back from a rout last week.

The benchmark Nikkei 225 index, which gained 1.79 percent in early trade, surged 2.90 percent, or 811.35 points, to 28,822.28 at the break, while the broader Topix index jumped 2.88 percent, or 54.68 points, to 1,954.13.

"Japanese shares are seen starting with buying after US shares bounced back" for the first time in six sessions, Mizuho Securities said in a note.

"However, a wait-and-see attitude may grow in later trade ahead of Federal Reserve Chair (Jerome) Powell's testimony in the US Congress" later in the day, it added.

The dollar fetched 110.47 yen in early Asian trade, against 110.18 yen in New York late Monday.

In Tokyo, Nissan gained 3.78 percent to 542.9 yen ahead of its general shareholders meeting, while its rivals were also higher with Toyota rising 3.02 percent to 9,930 yen and Honda climbing 2.91 percent to 3,495 yen.

Among other shares, Sony grew 3.27 percent to 10,885 yen while Panasonic rose 3.61 percent to 1,248 yen.

Market heavyweight Fast Retailing, which operates Uniqlo, advanced 2.99 percent to 81,240 yen.