Nikkei posts biggest gains in a year as shippers hit 10-year highs

Japanese shares jumped on Tuesday, tracking Wall Street overnight, boosted by shipping stocks after Mitsui OSK Lines more than tripled its half-yearly net profit forecast.

The Nikkei share average jumped 3.12per cent to 28,884.13, with all 225 shares advancing, and marked its biggest percentage gain since June last year. The index tumbled 3.3per cent in the previous session.Shippers led gains, with the top three firms logging rise of more than 10per cent, after Mitsui OSK Lines raised its forecast for six-month net income to 170 billion yen from 50 billion yen.

The broad Topix rose 3.16per cent, reversing Monday's 2.4per cent slide, with every sector advancing. "The market has priced in one Fed rate hike for next year, but that seems to be it for now. I don't think it's the case that three or four hikes are going to priced in."Automakers were among other stand-out stocks, with Suzuki Motor rallying 7.4per cent and Toyota Motor adding 3.3per cent amid a weakening yen, which boosts exporters' profits.

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