(RTTNews) – The Japanese stock market is sharply higher on Wednesday, recouping the losses in the previous two sessions, with the benchmark Nikkei index gaining more than 500 points to staying just below the 27,400 level, following the broadly positive cues overnight from Wall Street, amid easing geopolitical concerns following news Russia is pulling back some troops from the Ukrainian border.
The benchmark Nikkei 225 Index is up 529.36 points or 1.97 percent at 27,394.55, after touching a high of 27,450.28 earlier. Japanese stocks closed significantly lower on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Honda is adding almost 3 percent and Toyota is gaining more than 1 percent.
In the tech space, Screen Holdings, Tokyo Electron and Advantest are gaining more than 4 percent each.
In the banking sector, Mizuho Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are advancing more than 2 percent each.
Among the major exp