Tokyo Stocks Rebound as Middle East Worries Ease

Tokyo, March 5 (Jiji Press)--Tokyo stocks rebounded on Thursday after three days of hefty losses, as concerns about the situation in the Middle East eased for now.

The benchmark Nikkei 225 stock average closed at 55,278.06, up 1,032.52 points, or 1.9 pct, from Wednesday. The broader TOPIX index rallied 69 points, or 1.9 pct, to 3,702.67.

The Nikkei average briefly surged more than 2,300 points in the morning, after The New York Times reported Wednesday that Iran had secretly approached the United States with an offer to discuss terms for ending their conflict.

Investors apparently moved to buy on dips after the Nikkei lost a total of some 4,600 points over the previous three days. They were also encouraged by overnight rises on Wall Street.

After the initial buying ran its course, however, stocks began to shed gains. "There are no incentives to buy actively," said an official of a midsize securities firm.

[Copyright The Jiji Press, Ltd.]