Japan’s Nikkei closes higher, supported by the rise of Fast Retailing shares

Japan’s Nikkei closed higher on Tuesday, led by blue-chip Fast Retailing, as investors scrambled to buy shares battered by a global sell-off, with the US Federal Reserve repeating its stance of maintaining its hawkish policy of raising interest rates.

The Nikkei index closed up 0.53 percent at 2,6571.87 points, rebounding from a two-month low during the previous session. The broader Topix index rose 0.47 percent to 1,837.01 points.

A market participant at a local brokerage said the market quickly regained momentum after a global sell-off in the wake of the Fed’s policy tightening.

Shares of Fast Retailing, owner of clothing store Uniqlo, rose 0.88 percent to provide the most considerable boost to the Nikkei index, followed by employment agency Recruit Hollings, which jumped 2.67 percent.

On the other hand, the shares of Tokyo Electron Chip Equipment Co. and KDDI Communication Co. fell 0.85 percent and 1.25 percent, respectively, negatively affecting the index.

Konami Toys Corp rose 4.01 percent and was the best performer on the Nikkei, followed by machinery equipment company Hitachi Zosen 3.86%.