Nikkei hits fresh 1-month high on earnings hopes

Reverses early losses, Sony Corp gains 2.7%

Japanese stocks rose to a fresh one-month high on Wednesday as expectations of strong corporate earnings and a weaker yen boosted investor sentiment.

The Nikkei benchmark gained 0.2% to close at 17,795.73, its highest since Dec. 29, after reversing early losses triggered by profit-taking after disappointing US earnings. The average rose 1.7% on Tuesday.

Market participants were also buying on expectations that Wall Street shares would recover Tuesday's losses on Wednesday, as US stock futures rebounded during Asian hours.

Sony Corp gained 2.7% after sources told Reuters it plans to cut around 1,000 more jobs in its struggling smartphone division.

The broader Topix gained 0.3% to 1,429.92, while the JPX-Nikkei Index 400 ticked up 0.1% to 12,969.74.