Japan stocks jump as investors gauge upbeat earnings season

Japanese shares hit a 16-month high on Tuesday, driven by steelmakers following better-than-expected corporate earnings. Shares in JFE Holdings, Japan’s second-largest steelmaker, jumped by 14.5% after forecasting a surge in profit as auto demand recovers. Kawasaki Kisen Kaisha also exceeded estimates with its quarterly earnings report and raised its dividend forecast, leading to a 9.3% rise in its shares. Other steelmakers, Nippon Steel and Kobe Steel, also rose more than 5%. The Nikkei rose 1.01% to its highest close since January 2022, while the Topix increased 1.27%, hitting a level not seen since September 2021.