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Japan’s Nikkei ends higher, Uniqlo clothing-owner Fast Retailing jumps

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TOKYO — Japan’s Nikkei share average ended higher on Tuesday, led by heavyweight Fast Retailing, as investors scooped up beaten-down shares following a global sell-off as the U.S. Federal Reserve reiterated its stance to stay on an aggressive policy path.

The Nikkei gained 0.53% to close at 26,571.87, recovering from a two-month low scaled in the previous session. The broader Topix rose 0.47% to 1,837.01. The market has been regaining momentum rapidly after a global sell-off in the wake of the Fed’s policy tightening, said a market participant at a domestic brokerage.

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Uniqlo clothing owner Fast Retailing rose 0.88% and was the biggest boost for the Nikkei, followed by staffing agency Recruit Holdings, which jumped 2.67%.

On the other hand, chip-making equipment maker Tokyo Electron and phone company KDDI Corp fell 0.85% and 1.25%, respectively, weighing on the index the most.

But the move was directionless, with no characteristic gains in sectors, said a market participant at a local trust bank.

Toy maker Konami Group rose 4.01% and was the best performer on the Nikkei, followed by plant builder Hitachi Zosen ,gaining 3.86%.

Online shopping servcies provider Rakuten Group, down 3.43%, was the worst performer on the Nikkei, followed by drugmaker Shionogi & Co, losing 1.71% and shipper Kawasaki Kisen Kaisha, which fell 1.55%. (Reporting by Junko Fujita and the Tokyo markets team; Editing by Rashmi Aich)

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