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TOKYO: Japan’s Nikkei closed higher on Wednesday to post its biggest gain in more than three weeks, as US inflation data released overnight largely met analysts’ expectations.

The Nikkei share average ended 1.93% higher at 26,843.49 — the biggest jump since March 22 — and marked a sharp rebound from its near four-week low hit on Tuesday. The broader Topix rose 1.42% to 1,890.06.

“Shares were sold too much yesterday as investors were too cautious about the US CPI data,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

“It turned out that the core inflation figure was in line with the market expectations, so investors bought back stocks today.” Overnight, the CPI report showed prices urban American consumers pay for a basket of goods posted the biggest monthly jump since September 2005, and an annual surge of 8.5%, the hottest year-on-year inflation number in more than four decades.

Chip-making equipment maker Tokyo Electron provided the biggest boost to the Nikkei, rising 3.34%, followed by Uniqlo clothing shop owner Fast Retailing, up 2.88%. Air-conditioning maker Daikin Industries climbed 4.0%.

Lawson surged 11.63% after a report said the convenience store chain was planning an initial public offering for Seijo Ishii, a chain of supermarket, by the 2023 financial year.

Shionogi tumbled 11.14% amid concerns that the drugmaker’s oral treatment for COVID-19, which is still awaiting approval from regulators, could pose pregnancy risks.

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