Japan's Nikkei jumps 3% on Wall Street strength, bargain-buying
TOKYO, Oct 4 (Reuters) - Japan's Nikkei jumped 3% on Tuesday to record its best session in more than six months, as investors scooped up beaten-down heavyweights and growth stocks after Wall Street closed sharply higher overnight.
The Nikkei share average .N225 advanced 2.96% to 26,992.21 in broad-based buying, marking its biggest daily gain since March 23, and posting its highest close since Sept. 22.
The broader Topix .TOPX jumped 3.21% to 1,906.89 in its sharpest daily gain since March 10.
Wall Street's three major indexes rallied more than 2% on Monday, as Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks.
"Investors scooped up shares that were beaten down, especially heavyweights and growth stocks," said Maki Sawada, a strategist at Nomura Securities. "The market was also underpinned by the strong finish of Wall Street."
Market participants shrugged off news that nuclear-armed North Korea fired a ballistic missile over Japan for the first time in five years earlier in the day.
Uniqlo clothing shop owner Fast Retailing 9983.T rose 2.02% and was the biggest boost for the Nikkei, followed by technology investor SoftBank Group 9984.T , jumping 5.1%, and chip-making equipment maker Tokyo Electron 8035.T , which rose 2.68%.
The wholesales sector .IWHOL.T , which includes trading houses, was the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes, jumping 5.53% as Itochu 3493.T raised its profit forecast and announced a share buyback.
Itochu surged 8.34%, while Mitsubishi Corp 8058.T gained 4.83% and Mitsui & Co 8031.T climbed 5.39%.
Energy shares also advanced, as oil prices rose after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, said it would consider reducing output.
Explorers .IMING jumped 4.96% and refiners .IPETE.T rose 4.13%. Inpex 1605.T and Japan Petroleum Exploration Co 1662.T climbed 5.36% and 3.37%, respectively.
Shipping firm Kawasaki Kisen 9107.T was the only decliner on the Nikkei, falling 1%.
Reporting by Junko Fujita; Editing by Subhranshu Sahu
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