Japan’s Nikkei share gauge experienced an uptick for the first time in four sessions on Wednesday, propelled by energy producers amid heightened oil prices. The benchmark Nikkei 225 rebounded from an initial downturn, ultimately rising by 0.69% to close at 63,923. The broader Topix experienced an increase of 0.61%, reaching a level of 4,061.72. Investors exhibited a degree of caution in anticipation of forthcoming policy decisions from the Federal Reserve on Wednesday and the Bank of Japan on Friday, with expectations leaning toward an increase in interest rates from both institutions.

Wall Street extended its selloff overnight, as rising U.S. Treasury yields, debt concerns, and soaring crude prices weighed on sentiment. Meanwhile, trade data released on Wednesday indicated that Japan’s exports increased by 19.3% year-on-year. However, a significant 28% rise in imports resulted in a trade deficit of 1.106 trillion yen, highlighting the effects of elevated energy costs. “U.S. markets ended lower but losses were limited, and investors are likely to stay on the sidelines ahead of the Fed and the Bank of Japan’s policy meeting, making sharp moves unlikely,” Yoshitaka Araya said in a note.

Shares of oil and coal products experienced the most significant increase among the Topix industry groups, advancing by 4.62%. Sub-indexes monitoring pharmaceutical companies and information technology stocks were among the underperformers on the Topix, declining by 0.90% and 0.80%, respectively. On the Nikkei 225, the market observed 152 advancers, contrasted by 70 decliners, with three stocks remaining unchanged.

The largest percentage gainers in the index were Eneos Holdings, which increased by 4.99%, followed by Screen Holdings, up 4.37%, and Idemitsu Kosan, which rose by 4.31%, achieving a record high. The largest losers were Mercari, down 6.36%, followed by Otsuka Holdings, which declined by 4.55%, and Sumitomo Pharma, which experienced a loss of 4.11%.