TOKYO , Jan. 29 -- ( Kyodo ) _ (EDS: ADDING DETAILS, PRICES) Tokyo stocks staged a sharp rebound Wednesday morning amid receding concerns over emerging markets after the Turkish central bank decided to hike its policy rate to stabilize its currency movements. The 225-issue Nikkei Stock Average climbed 260.68 points, or 1.74 percent, from Tuesday to 15,240.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 23.91 points, or 1.95 percent, to 1,248.22. Stocks rose across the board led by consumer finance, securities and paper issues. The Nikkei stayed well above the 15,000 line throughout the morning as investors bought back shares after the Turkish central bank raised its overnight lending rate to 12 percent from 7.75 percent in an effort to stem the lira's plunge, which led the recent turmoil in emerging markets, brokers said. Following the sharper-than-expected rate hike, the Turkish lira gained against the U.S. dollar, boosting investor sentiment, said Hiroichi Nishi , assistant general manager of equity research at SMBC Nikko Securities Inc. "We see some signs of stabilization in emerging market currency selloffs", he said, adding, "market players are once again looking to riskier assets." Also buoying the market were the yen's fall and firmer European and U.S. stocks overnight as strong January U.S. consumer confidence data provided a positive clue about the outlook for the world's largest economy, the brokers said. The dollar rose to the lower 103 yen level from the upper 102 yen range seen early in the morning, pushing up shares closely linked to exports including auto and electronics makers. Among such issues, Toyota Motor rose 109 yen , or 1.8 percent, to 6,127 yen and Honda gained 86 yen , or 2.2 percent, to 3,972 yen . Factory automation machinery maker Fanuc was up 365 yen , or 2.2 percent, to 17,245 yen . Sharp surged 24 yen , or 7.0 percent, to 367 yen following a report the electronics company is likely to post a group net profit of over 10 billion yen for the April-December period, turning into the black for the first time in three years. Hitachi Construction Machinery was up 8 yen , or 0.4 percent, to 2,082 yen a day after the company announced its consolidated net profit rose 34 percent from a year earlier in the first nine months of fiscal 2013. The Nikkei's morning rally followed a plunge of over 840 points, or 5.3 percent, since Jan. 22 . Brokers said investors are closely watching whether the Tokyo market can retain its steam in the afternoon as many players are likely to adopt a wait-and-see mood ahead of the outcome of the U.S. Federal Reserve's two-day policy meeting through Wednesday. On the First Section, advancing issues outpaced declining ones 1,704 to 50, while 17 ended the morning unchanged.
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