Japanese Topix index closed at its highest level in two and a half months

Japan’s Topix index closed Thursday at a 2-1/2 month high as auto and tire makers rebounded after the yen fell, and Wall Street’s rally at the close last night lifted market sentiment.

The broader Topix index rose 0.71 percent to close at 27,696.44 points.

The yen hovered near a six-week low against the dollar after strong retail sales data in the United States sent the greenback higher.

The auto sector jumped 1.8 percent, with Toyota Motor up 2.08 percent and Honda Motor up 1.16 percent.

Tire manufacturers also rose 1.73 percent, with Bridgestone rising 1.67 percent.

Sumitomo Rubber Industries rose 3.81 percent, and Yokohama Rubber rose 1.85 percent.

Chipmaking equipment maker Tokyo Electron rose 0.9%, and chip-testing equipment maker Advanst jumped 0.99%.

The number of visitors to Japan jumped to nearly 1.5 million in January, the national tourism agency said on Wednesday, indicating an acceleration in tourism recovery after the government lifted COVID-19 restrictions in October.

Paper and pulp manufacturing companies fell 0.77 percent, with this sector recording the worst performance among the sub-indices.