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July 9th, 2013 
Peter Nolan
TOKYO stocks have jumped 2.58 per cent, lifted by positive leads from Wall Street and European markets.
The Nikkei index at the Tokyo Stock Exchange on Tuesday closed up 363.56 points at 14,472.90. The Topix index of all first section shares rose 2.07 per cent, or 24.31 points, to 1,196.89.
The gains come after big losses on Monday, which were in line with an Asian sell-off and followed a credit downgrade for index heavyweight SoftBank.
Standard & Poor’s cut the mobile phone carrier two notches to BB+ – making it a junk bond – after it bought US-based Sprint Nextel for $US21.6 billion ($A23.79 billion).
“The fact that the negative SoftBank reaction lasted only one session reflects the broader market’s strength,” Tatsunori Kawai, chief strategist at kabu.com, told Dow Jones Newswires.
Investor spirits brightened on expectations for solid US corporate earnings, after Alcoa announced a positive outlook despite losses in the second quarter, mainly as a result of one-off costs.
“The upbeat mood for equities heading into the start of US earnings reporting season should have a generally positive influence on stocks,” said Hiroichi Nishi, SMBC Nikko Securities general manager of equities.
“Results from financials, including JP Morgan Chase later this week, will be closely watched,” Nishi said.
A stronger US dollar against the yen also contributed to the day’s gains, particularly in exporters, brokers said.
The US currency stood at Y101.28 on Tuesday afternoon, from Y100.99 in New York on Monday. A weaker yen benefits Japanese exporters and tends to help lift their shares.
On Wall Street, the Dow rose 0.59 per cent, the S&P 500 added 0.53 per cent and the Nasdaq put on 0.16 per cent
In Tokyo trade, major exporters gained ground. Nissan surged 4.00 per cent to Y1,090, Toyota jumped 2.56 per cent to Y6,410 and Sony rose 2.36 per cent to Y2,203.
Olympus lost 5.39 per cent to Y2,928 a day after it announced plans to raise up to $US1.16 billion in a new stock offering.
SoftBank rose 1.05 per cent to Y5,740 after Sprint said the deal giving the Japanese company a controlling stake in the No.3 US mobile carrier would close on Wednesday.
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