Nikkei rises to 1-week high as Ukraine worries ease

Short covering seen in battered shares like property developers and index heavyweights

Japanese stocks rose to a one-week high on Wednesday after comments by Russian President Vladimir Putin eased worries about military confrontation in Ukraine, triggering short covering in battered shares like property developers and index heavyweights.

The Nikkei share average ended 1.2% higher at 14,897.63, its highest closing level since February 27.

The Topix rose 0.7% to 1,212.90.

The JPX-Nikkei Index 400, an index launched this year comprising firms with high return on equity and strong corporate governance, advanced 0.8% to 10,981.32.