TOKYO: Tokyo stocks jumped three percent Thursday on hopes for a ceasefire between Russia and Ukraine ahead of their first high-level meeting since Moscow invaded its neighbour.
The benchmark Nikkei 225 index spiked 3.00 percent or 741.59 points to 25,459.12, while the broader Topix index jumped 3.04 percent or 53.45 points to 1,812.34.
The dollar fetched 115.93 yen, against 115.86 yen on Wednesday in New York.
Tracking gains on Wall Street, the Nikkei hovered around the three-percent level in morning trade.
Hopes for a breakthrough in the crisis led to higher overseas stock prices, with talks between Russian Foreign Minister Sergei Lavrov and his Ukrainian counterpart Dmytro Kuleba scheduled to take place in southern Turkey on Thursday, Okasan Online Securities said.
“This should provide some relief to Japanese equities,” the brokerage explained. Uncertainty still plagues the situation, however.
While Ukrainian President Volodymyr Zelensky struck a conciliatory tone by saying he has “cooled down” about his country’s bid to join NATO, a Russian air strike on a children’s hospital in a Ukrainian city on Wednesday added fresh tension.
“Investors will likely need to carefully assess whether the meeting will evolve into any positive negotiation,” Okasan said.
Among major shares in Tokyo, Sony Group skyrocketed 6.48 percent to 11,650 yen, SoftBank Group jumped 3.17 percent to 4,783 yen and Toyota soared 3.54 percent to 1,911 yen.
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