TOKYO: Japanese shares jumped on Tuesday, tracking Wall Street overnight, boosted by shipping stocks after Mitsui OSK Lines more than tripled its half-yearly net profit forecast. The Nikkei share average jumped 3.12% to 28,884.13, with all 225 shares advancing, and marked its biggest percentage gain since June last year. The index tumbled 3.3% in the previous session.
Shippers led gains, with the top three firms logging rise of more than 10%, after Mitsui OSK Lines raised its forecast for six-month net income to 170 billion yen ($1.54 billion) from 50 billion yen.
Mitsui OSK was among the top performing stocks on the Topix, jumping 10.2% and touching a decade high. Rival Kawasaki Kisen rallied 10.2% and also reached a decade high, while Nippon Yusen gained 10.3%.
The broad Topix rose 3.16%, reversing Monday's 2.4% slide, with every sector advancing.
Value stocks outperformed, with the Topix Value index rallying 3.4%, compared with the Topix Growth index's 3% climb.
Automakers were among other stand-out stocks, with Suzuki Motor rallying 7.4% and Toyota Motor adding 3.3% amid a weakening yen, which boosts exporters' profits. Home builders also gained, with Daiwa House and Sekisui House rising 6.2% and 6.1%, respectively.