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TOKYO: Tokyo shares closed higher Wednesday as Asian markets rose and caution receded over aggressive monetary tightening in the United States.

The benchmark Nikkei 225 index jumped 1.93 percent, or 508.51 points, to end at 26,843.49, while the broader Topix index gained 1.42 percent, or 26.43 points, to 1,890.06.

“The Nikkei index rebounded after falling more than 600 points since the start of the week,” Okasan Online Securities said in a note.

“Growth stocks were bought back as caution about excessive monetary tightening in the US receded,” it said.

The yen continued to plunge against the dollar, hitting its lowest level against the greenback in two decades on Wednesday.

The dollar fetched 126 yen, up from 125.33 yen in New York late Tuesday.

Tokyo stocks end lower

In Tokyo trading, shipping firms were higher with Nippon Yusen surging 4.82 percent to 9,120 yen, Kawasaki Kisen jumping 4.23 percent to 6,890 yen and Mitsui OSK Lines growing 4.04 percent to 2,930 yen.

Toyota firmed 2.41 percent to 2,119.5 yen after a report said it had told its main suppliers it planned to reduce production by 10 percent in May.

Contacted by AFP, a Toyota spokeswoman declined to confirm the report but said: “Due to the ongoing Covid situation and shortage of semiconductors… we have begun to communicate more carefully with our suppliers regarding plans for the next three months.”

Drugmaker Shionogi dived 11.14 percent to 6,611 yen after it reportedly said animal studies showed the Covid-19 pill it is developing affected foetal development.

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