* Market shrugs off China PMI as result within expectation - analysts
* Market quickly digests BOJ ‘tankan’ survey - analysts
* Shippers rebound after beaten early this week
By Ayai Tomisawa
TOKYO, Oct 1 (Reuters) - Japanese stocks rose on Thursday morning as gains on Wall Street helped calm nerves, with investors taking a glass half-full view to weak sentiment among major Japanese businesses and falling manufacturing activity in China.
The Nikkei added 1.4 percent to 17,623.96 in mid-morning trade after ending the quarter down 14.1 percent.
The gains came even as twin surveys showed China’s manufacturing activity contracting, adding to signs of weakness in the world’s second-largest economy.
“It was a relief to see that the China’s PMI was within market consensus,” said Isao Kubo, an equity strategist at Nissay Asset Management.
Japanese big manufacturers’ confidence worsened in the three months to September and companies were cautious on the outlook, a central bank survey showed, although capital spending plans remained firm.
“The market priced in the mixed reading quickly but the outlook remains a concern,” said Nobuhiko Kuramochi, a strategist at Mizuho Securities.
The firmer spending plans for business provided some encouragement.
Shippers, which were heavily beaten down earlier this week, rebounded. Mitsui OSK Lines rose 1.4 percent and Kawasaki Kisen Kaisha gained 3.1 percent.
Exporters gained ground following recent declines, with Toyota Motor Corp rising 3.0 percent and Nissan Motor Co advancing 5.4 percent.
Convenience store chain Lawson Inc rose as much as 3.3 percent after the Nikkei business daily said it has likely posted an operating profit of about 42 billion yen for the March-August period, beating its own forecast.
The broader Topix rose 1.8 percent to 1,437.07 and the JPX-Nikkei Index 400 advanced 1.8 percent to 12,860.39. (Editing by Shri Navaratnam)