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Asian shares jump in volatile trade

Japan stocks boosted by BoJ deputy governor’s comments ruling out further rate rises while markets are ‘unstable’

Japanese stocks rose on Wednesday, dropping heavily at the open before rebounding to a gain as investors absorbed the record-breaking volatility of recent sessions and the broader turbulence in global equities.

In what traders said was a measure of the volatility the Japanese market should expect in coming days, the broad Topix index fell by about 2 per cent in the first minutes of trading. Then, led by shares in the large banking groups Sumitomo Mitsui, MUFG and Mizuho, the index rapidly reversed course to trade 2.2 per cent higher.

Trading in the narrower Nikkei 225, which leans heavily to technology and retail, followed a similar path, plunging first before surging 2.2 per cent higher on the day.

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