Japanese stocks advanced around 2 per cent today as investors encouraged by gains on Wall Street bought recent poor performers.
A woman walks past a tv showing stock price index in Japan yesterday. Image: Reuters.
The Topix was up 2.16 per cent at 1,610.07 earlier this morning, while the Nikkei share average gained 1.91 per cent, or 313.82 points, to 16,749.56.
Small-cap markets were firm, with the Mothers index rising 5.1 per cent to 717.38, extending its 8 per cent jump yesterday.
Mitsui Fudosan and other property stocks gained ground after Deutsche Securities upgraded the sector, while shares in consumer finance firms, the worst performing sector this year, lured buyers looking for bargains.
Japan's top three property firms jumped to a seven-week high after Deutsche lifted its ratings on them to "buy" from "hold" and raised price targets, citing strong industry environment.
Industry leader Mitsui Fudosan surged 7.4 per cent to 3,200 yen, and second-ranked Mitsubishi Estate gained 8.4 per cent to 3,360 yen.
Shares of consumer finance companies also jumped, and banks and brokers' shares also rang up hefty gains.