Nikkei records biggest increase in 3 weeks after US inflation data

Japan’s Nikkei index closed higher on Wednesday, posting the biggest increase in more than three weeks after the release of US inflation data that came largely in line with analyst expectations.

The Nikkei ended the session up 1.93 percent at 26,843.49 points, the largest increase since March 22 and a significant recovery after reaching its lowest level in nearly four weeks on Tuesday.

The broader Topix index rose 1.42% to 1,890.06 points.

Chip maker Tokyo Electron rose 3.34 percent, followed by Fast Retailing, owner of clothing store Uniqlo, which rose 2.88 percent. Air conditioner maker Daikin Industries jumped 4 percent.

Lawson’s shares rose 11.63 percent after a report that the grocery chain plans to conduct an initial public offering (IPO) of Seigo Ishi supermarkets by fiscal year 2023.