TOKYO, June 22 (Reuters) - Japanese shares jumped on
Tuesday, clawing back most of the previous session's losses,
tracking Wall Street overnight as investors reassessed the
hawkish turn at the U.S. Federal Reserve.
The Nikkei share average jumped 2.9% to 28,822.28,
with all 225 shares advancing. The index tumbled 3.3% in the
Shippers led gains, with the sector advancing
8.5% after Mitsui OSK Lines more than tripled its
forecast for six-month net income to 170 billion yen ($1.54
Mitsui OSK was among the top performing stocks on the Topix,
jumping 9.4% and touching a decade high. Rival Kawasaki Kisen
rallied 8.6% and also reached a decade high, while
Nippon Yusen gained 8.2%.
The broad Topix rose 2.9%, reversing Monday's 2.4%
slide, with every sector advancing.
Value stocks outperformed, with the Topix Value index
rallying 3%, compared with the Topix Growth
index's 2.7% climb.
The global equity sell-off last week, which spilled into
Asian stocks on Monday, came after the Fed unexpectedly
signalled earlier rate hikes.
St. Louis Fed President James Bullard's fanned the flames on
Friday by saying the shift toward faster policy tightening was a
"natural" response to economic growth.
U.S. stocks posted sharp gains on Monday, with the S&P 500
"After the rebound on Wall Street, investors have confidence
to start buying back Japanese shares," said Masahiro Ichikawa,
chief market strategist at Sumitomo Mitsui DS Asset Management.
"The market has priced in one Fed rate hike for next year,
but that seems to be it for now. I don't think it's the case
that three or four hikes are going to priced in."
Automakers were among other stand-out stocks, with Suzuki
Motor rallying 6.9% and Toyota Motor adding 3%
amid a weakening yen, which boosts exporters' profits.
Home builders also gained, with Daiwa House and
Sekisui House rising 6.2% and 5.9%, respectively.
"The vaccine rollout is progressing in Japan, so little by
little economic activity will be getting back to normal,"
Ichikawa said, which is lifting stocks such as home builders.
($1 = 110.2700 yen)
(Editing by Amy Caren Daniel)