Nikkei soars 7.71% in biggest one-day jump since 2008 financial crisis
TOKYO (AFP) - Tokyo's benchmark index rocketed 7.71 per cent on Wednesday, leading an Asian equities rally in its biggest one-day jump since late 2008 during the global financial crisis when markets were hit by wild volatility.
The Nikkei-225 at the Tokyo Stock Exchange soared 1,343.43 points to 18,770.51 by the close, while the broader Topix index of all first-section shares jumped 6.40 per cent, or 90.66 points, to 1,507.37.
Wednesday's recovery came after the Nikkei tumbled 2.43 per cent a day earlier, wiping out all of its gains since the start of the year, as weak China trade data aggravated worries about the world's number two economy.
Fears of a slowdown in Chinese growth have sent panic through world stock exchanges, as the country is a key driver of global expansion and a vital market.
But European shares and US stocks powered higher Tuesday, after a rally on China's Shanghai Index and an upgrade on the reading for eurozone second-quarter economic growth.
Asian shares broadly rose Wednesday, with experts suggesting Beijing stepped in to support mainland shares.
The weak trade figures also raised the prospect China would unveil further economy-boosting measures, following five interest rate cuts since November.
"Expectations for more policy action from China and strength in the European economy saw the return of risk," Chihiro Ohta, general manager at SMBC Nikko Securities, told Bloomberg News.
"At long last, we may be seeing a real rebound."
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