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Japanese shares gain ground after 10% fall in three days

Anna Federova
Written By:
Anna Federova
Posted:
Updated:
28/05/2013

Japanese equities have started to regain some of the ground lost since the end of last week after the Nikkei rose 1.2% in today’s trading.

On Thursday, the Nikkei index fell by more than 7%, driven by fears over weak Chinese manufacturing data, rising Japanese bond yields and concerns the US Federal Reserve may put a stop to quantitative easing.

After a slight 0.9% bounce on Friday, the market lost another 3.2% yesterday to stand down 10% from its high last Wednesday.

The index recovered some of those losses today to close up 1.2% at 14,312, while the Topix also rose 1.2%, to 1,168, after policymakers committed to stabilising the volatile Japanese government bond market.

Stock markets across Asia rose in line with Japan, ending a five-day losing streak, with regional trade boosted by the weakening yen.

A report on US consumer confidence is due out later today, with economists expecting an improved reading that will help bolster sentiment.