Nikkei hits fresh one-month high on earnings hopes; Sony outperforms

By Thomas Wilson

TOKYO (Reuters) – Japanese stocks rose to a fresh one-month high on Wednesday as expectations of strong corporate earnings and a weaker yen boosted investor sentiment.

The Nikkei benchmark gained 0.2 percent to close at 17,795.73, its highest since Dec. 29, after reversing early losses triggered by profit-taking after disappointing U.S. earnings. The average rose 1.7 percent on Tuesday.

Market participants were also buying on expectations that Wall Street shares would recover Tuesday’s losses on Wednesday, as U.S. stock futures rebounded during Asian hours.

Sony Corp gained 2.7 percent after sources told Reuters it plans to cut around 1,000 more jobs in its struggling smartphone division.

The broader Topix gained 0.3 percent to 1,429.92, while the JPX-Nikkei Index 400 ticked up 0.1 percent to 12,969.74.

(Reporting by Thomas Wilson; Editing by Kim Coghill)

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