Japanese Stocks Rise for Second Day Amid Heightened Volatility
- Topix index pares gain of as much as 2.2% in late trading
- SoftBank soars after announing plans for record share buyback
Japanese stocks rose for a second day amid heightened volatility, extending the biggest gain in the Topix index for more than seven years as global equities rebound. SoftBank Group Corp. surged by its limit after announcing a record share buyback.
The Topix advanced 0.4 percent to 1,297.01 at the close in Tokyo, having swung between gains of as much as 2.2 percent and a loss of 1.2 percent. The gauge surged 8 percent on Monday, its best increase since October 2008. The Nikkei 225 Stock Average added 0.2 percent to 16,054.43 Tuesday. The yen traded at 114.60 per dollar after weakening for two days amid declining demand for haven assets. Stocks in Europe followed Japan’s lead from Monday, posting their biggest two-day gain in more than four years, while U.S. markets were closed for a holiday.