The 225-issue Nikkei Stock Average index advanced by 470.90 points, or 1.24%, to finish at 38,405.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose by 56.69 points, 2.11%, to 2,743.17.

Total 31 of 33 TSE sectors closed higher, with Wholesale Trade sector being top performer in percentage term, rising 2.85%, followed by Oil & Coal Products (up 2.29%), Real Estate (up 2.09%), and Chemicals (up 2.07%) sectors, while Air Transportation issue was bottom performer, falling 1.73%.

Shares of export related companies advanced, with insurers shares leading the declines. Toyota climbed 3.65% to 3,638 yen and Honda jumped 3.51% to 1,812 yen.

Shares of shipping sector also gained. Mitsui OSK Lines surged 5.88% to 4,990 yen and Nippon Yusen soared 6.21% to 4,466 yen.

Hitachi spiked 8.50% to 14,620 yen after it announced a net profit forecast of 600 billion yen ($3.9 billion) for the year to March 2025 and a share buy-back of up to 200 billion yen.

ECONOMIC NEWS: Japan Unemployment Rate Holds Steady At 2.6% In March- The unemployment rate in Japan was a seasonally adjusted 2.6% in March, the Ministry of Internal Affairs and Communications said on Tuesday. The jobs-to-applicant ratio was 1.28, which exceeded expectations for 1.26 - which would have been unchanged from one month prior. The participation rate came in at 62.8% - in line with expectations and unchanged from the previous month.

Japan Industrial Output Climbs 3.8% On Month In March- Industrial production in Japan was up a seasonally adjusted 3.8% on month in March, the Ministry of Economy, Trade and Industry said on Tuesday. On a yearly basis, industrial output slumped 6.7% after sinking 3.9% in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it fluctuates indecisively but has weakened. According to the METI's forecast of industrial production, output is expected to rise 4.1% in April and 4.4% in May.

Japan Retail Sales Slip 1.2% On Month In March- The value of retail sales in Japan was down a seasonally adjusted 1.2% on month in March, the Ministry of Economy, Trade and Industry said on Tuesday - coming in at 14.691 billion yen. On a yearly basis, sales were up 1.2%; in February, sales were up 1.7% on month and 4.7% on year. For the first quarter of 2024, sales were flat on quarter and up 2.6% on year at 40.753 billion yen. Commercial sales were down 1.0% on month and 1.7% on year at 53.577 billion yen, while wholesale sales sank 0.9% on month and 2.7% on year at 38.886 billion yen.

CURRENCY NEWS: The Japanese yen depreciated to fresh 34-year lows at 156.83 per greenback on Tuesday against 156.09 per greenback on Monday late Tokyo hours.

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