Shipping shares lead Japanese stock rally
Japanese stocks rebounded today, with shipping companies and exporters among those leading the way.
The Nikkei 225 Stock Average closed 1.63 percent higher at the day's peak of 17,875.75, the highest closing level since Feb. 27, when it closed at 18,119.92.
The prior day the same index had fallen 0.48 percent.
The drop in the Japanese markets Wednesday was widely attributed to a tumble in prices on the Chinese stock market after China's Finance Ministry tripled a tax on stock trading. In China the Shanghai Composite Index fell 6.5 percent Wednesday, but it also rebounded Thursday by 1.4 percent.
Stocks of Japan's major shipping lines were all higher. Nippon Yusen Kaisha was up 27 yen (22 cents) or 2.5 percent at 1,123 ($9.24), Mitsui O.S.K. Lines climbed 63 yen (52 cents) or 3.9 percent to 1,668 ($13.72) and Kawasaki Kisen Kaisha rose 31 yen (26 cents) or 2.1 percent to 1,475 ($12.13).
American Shipper's June cover story features an in-depth look at all three of Japan's three major ocean shipping companies.