Nikkei snaps 6-day losing streak as bargain-hunting accelerates
By Joshua Hunt
TOKYO Aug 26 (Reuters) - Japanese stocks rebounded on Wednesday, turning around a six-day losing streak as Chinese markets calmed and bargain hunters snapped up major stocks such as banks and big exporters.
The Nikkei share average rose 3.2 percent to 18,376.83, posting its biggest daily gain since October 31.
The benchmark index had fallen 13.6 percent, or 2,813 points, in the previous six sessions through Tuesday, threatening to wipe out its gains for the year as fears of a China-led global economic slowdown drove the selling of risk assets.
But early morning volatility gave way to steady buying as major stocks fell to attractive prices just as Chinese markets seemed to recover their nerve following Tuesday's cut in interest rates and bank reserve requirements by the People's Bank of China.
The broader Topix rose 3.2 percent to 1,478.97 and the JPX-Nikkei Index 400 added 3.2 percent to 13,316.89. (Additional Reporting by Ayai Tomisawa; Editing by Eric Meijer)
© Thomson Reuters 2017 All rights reserved.