Japanese Stocks Rise on Bargain Hunting, Optimism About Russia-Ukraine Talks

Japanese stocks rose on Tuesday, as continued optimism about cease-fire talks between Russia and Ukraine boosted sentiment, prompting investors to buy into retreating shares.

The Nikkei index rose 1.2 percent to 26,844.72 points after it crossed the 27,000 level for the first time since February 18. The broader Topix index rose 0.54 percent to 1,897.17 points.

Russia is facing increasing isolation due to its invasion of Ukraine. Cease-fire talks with its southern neighbor on Monday failed to achieve a breakthrough, and negotiators did not say when a new round would be held.

Toshiba shares rose 2.36 percent after the conglomerate surprisingly announced that Taro Shimada, the former CEO of Siemens AG, would replace CEO Satoshi Tsunakawa from Tuesday.

Toyota Motor shares fell 0.26 percent after the automaker said it would resume domestic production from Wednesday, a day after all of its factories nationwide were suspended following a cyber attack on a parts supplier.

Shares of Mitsubishi UFJ Financial Group fell 1.68%, and the worst performance was among the shares of the top 30 companies on Topix, followed by Mitsui & Co., which lost 1.38%.