Japan stocks jump supported by strong corporate results

Japanese stocks rose on Tuesday, with the Nikkei index recording its highest closing level in 16 months, supported by a rise in steelmakers’ stocks on the back of strong corporate earnings.

JFE Holdings jumped 14.5 percent, its biggest gain in 14 years, after Japan’s second-biggest steelmaker expected profits to rise as auto demand recovered.

Kawasaki Kisen Kaisha rose 9.3 percent after better-than-expected quarterly results and after the company raised its dividend forecast.

The Nikkei index rose 1.01% to 29,242.82 points, the highest closing level since January 2022. The broader Topix index increased 1.27% to 2,097.55 points, its highest close since September 2021.

Nippon Steel Corp and Kobe Steel rose more than 5 percent each.

The steel companies and wholesale trade indices recorded the best performance among the sub-indices of the Tokyo Stock Exchange.

The index of air transport companies was the only loser among the sub-indices, and it fell 0.54 percent.