TOKYO, Aug 13 (Reuters) - Japan’s Nikkei share average rose on Thursday after China’s central bank soothed markets saying there was no basis for further yuan depreciation, prompting buyback in defensive shares.
The Nikkei average rose 1.0 percent to 20,595.55. The broader Topix, which had been down during morning trading, recovered to close up 0.1 percent at 1,667.95, though decliners outnumbered gainers by 927 to 830.
Investors bought back into utility companies, drugmakers and food companies that had been sold earlier while large cap shares such as banks and telecoms were battered.
Reporting by Joshua Hunt; Editing by Eric Meijer