Nikkei 225 index surged 10.33%, adding 3,249.36 points to hit 34,707.78, the Topix index gained 10.26%, adding 228.49 points to end at 2,455.64 and Kospi added 4.35% to reach 2,547.66
Tokyo stocks soared more than 10% on Tuesday, recovering from a record selloff the previous day driven by concerns about the US economy and a stronger yen.
The benchmark Nikkei 225 index surged 10.33%, adding 3,249.36 points to hit 34,707.78, while the broader Topix index gained 10.26%, adding 228.49 points to end at 2,455.64.
In South Korea, Kospi opened sharply up on Tuesday, adding 4.35% to reach 2,547.66 in the first 15 minutes of trading, recovering from its biggest daily loss of around 9% on Monday due to US recession concerns and weak big tech performance.
A sidecar order was issued at 9.06 am to halt programme purchasing after the Kospi 200 index gained more than 5% for more than a minute, according to Korea JoongAng Daily.
Major stocks in Seoul started positively, with Samsung Electronics, SK hynix, LG Energy Solution, Hyundai Motor, LG Chem, and SK Innovation all posting significant gains. The country’s currency also firmed marginally against the dollar on Tuesday.
This potentially marks a recovery in battered Asian markets a day after Nikkei ended at 31,458.42, declining 4,451.28 points as it entered bear market territory.
On Tuesday, the Nikkei index climbed more than 8%, reaching above 34,000 in the first few minutes of trading, sharply bouncing back from its previous close of 31,458.
Tokyo’s Nikkei index ended Monday with a 12% loss, the biggest one-day decline since the aftermath of “Black Monday” in October 1987, when a stock market crash wiped almost 15% off this index and 20% off the S&P 500.
The rally was supported by calming statements from central bank officials, which eased investor concerns, according to The Japan Times.
