Tokyo stocks were sharply higher Wednesday morning as investors bought back a wide range of issues after the Nikkei index closed the previous day at its lowest level in about three weeks.

The 225-issue Nikkei Stock Average rose 525.73 points, or 1.86 percent, from Tuesday to 28,748.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 28.38 points, or 1.43 percent, at 2,015.20.

Gainers were led by mining, metal product and marine transportation issues.

The U.S. dollar remained firm in the lower 115 yen range as the currency was bought on increased risk appetite after an overnight rally on Wall Street and gains in the Nikkei index, dealers said.

At noon, the dollar fetched 115.34-37 yen compared with 115.25-35 yen in New York and 115.25-27 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.1370-1374 and 131.14-22 yen against $1.1364-1374 and 131.02-12 yen in New York and $1.1341-1342 and 130.71-75 yen in Tokyo late Tuesday afternoon.

The benchmark Nikkei extended gains toward the end of the morning session, supported by advancing heavyweights including Fast Retailing, the operator of the Uniqlo clothing chain, which snapped its 12-day losing streak, brokers said.

The Nikkei index had shed more than 1,000 points over the last three trading days, weighed down by concerns about increased coronavirus infections in Japan and the impact on the economy.

"Technology issues had seen sell-offs in previous trading sessions, so they were sought after by investors. They sold issues that had done relatively well" such as bank and insurance issues, said Makoto Sengoku, senior equity market analyst at the Tokai Tokyo Research Institute.

Market participants are looking toward the release later in the day of the U.S. consumer price index for December as they remain focused on the U.S. Federal Reserve's response to the country's high inflation, brokers said.

On the First Section, advancing issues outnumbered decliners 1,897 to 221, while 65 ended the morning unchanged.

Fast Retailing gained 1,190 yen, or 2.0 percent, to 60,450 yen, while Tokyo Electron, a semiconductor equipment maker, climbed 2,510 yen, or 4.0 percent, to 65,260 yen, tracking the sharp advance of the U.S. tech-heavy Nasdaq index.

SoftBank Group rose 282 yen, or 5.3 percent, to 5,642 yen.

Electric motor manufacturer Nidec was up 225 yen, or 1.8 percent, at 12,570 yen, following a report it will build a factory in China to produce electric vehicle parts.

==Kyodo

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