The Nikkei was up on Wednesday, gaining 1.2% to reach 18,926.91 points, amid rallies in China, Japan and U.S. markets.
Japanese stocks were up on Wednesday thanks to a successful debut by three Japan Post (POSTZ) shares and advances on Wall Street. In Japan, investors scrambled to claim a piece of Japan Post’s $12 billion IPO.
Chinese shares rallied after president Xi Jinping made a statement about the direction of the country’s economy and unveiled its 13th five-year plan proposal.
Shares for Japan Post Holdings Co closed at 1,671 yen, an increase of 15% from its 1,450 yen IPO price. Japan Post Insurance Co. closed at 3,430 yen, an impressive 56% above its IPO price of 2,200 yen.
Despite the positive activity, markets were still fixed on the U.S.’s non-farm payrolls report due Friday. The data from the report will help investors gauge whether the Federal Reserve is likely to hike interest rates in December.
Exporters advanced. Advantest Corp (TYO: 6857) increased 1.8%, and Honda Motor Co. (TYO: 7267) inched up 1.9%. T&D Holdings Inc. (TYO: 8795), Dai-ichi Life Insurance (TYO: 8750), and Japan Post helped push Japan’s insurance sector up 3.4%.
Nissan Motor Co Ltd (TYO: 7201) climbed 2.6% after increasing its operating profit outlook for this year.
Meanwhile, Takada Corp. (TYO: 7312) slid 13% after the company was fined $70 million by the top U.S. auto safety regulator. The company was also ordered to stop using ammonium nitrate in the manufacturing of its inflators.
Topix jumped 0.9% to reach 1,540.43.