Japan's Nikkei 225 Rises 7.7% for Biggest Gain Since October 2008
- Investors buy back in after valuations hit 11-month low
- Topix surges most since 2011 as all 33 industry groups rise
Nikkei 225 Sees Biggest Increase Since 2008
Japanese stocks soared, with the Nikkei 225 Stock Average staging the steepest advance since the aftermath of the 2008 Lehman Brothers Holdings Inc. bankruptcy, amid speculation a selloff that drove valuations to an 11-month low was overdone.
The Nikkei 225 jumped 7.7 percent to 18,770.51 at the close in Tokyo, its biggest gain since October 2008, to reverse losses on Tuesday that wiped out the gauge’s 2015 advance. The broader Topix index surged 6.4 percent to 1,507.37, the most since March 2011, amid volume 9 percent above the 30-day average. Japanese shares suffered the world’s second-steepest drop through Tuesday since China’s shock yuan devaluation last month, with Shanghai’s equity gauge the only one that fared worse.