TOKYO: Tokyo stocks ended higher on Thursday, rebounding from earlier losses triggered by US Federal Reserve minutes showing its economists had projected a “mild recession”.

The benchmark Nikkei 225 index was up 0.26 percent, or 74.27 points, to end at 28,156.97, while the broader Topix index edged up 0.05 percent, or 1.01 points, to 2,007.93.

The dollar fetched 133.33 yen, against 133.19 yen in New York on Wednesday.

US equities retreated overnight after minutes from the Fed’s last meeting showed that the central bank’s economists projected a “mild recession” later this year.

This initially caused Tokyo stocks to slump, but “individual speculation on undervalued stocks continued, making the market reluctant to move lower,” IwaiCosmo Securities said. Among major shares in Tokyo, Uniqlo operator Fast Retailing advanced 2.14 percent to 30,270 yen.

After the trading session ended, the retailer reported what it called “record performance” as it issued a “significant increase” both in revenue and operating profit.