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Traders also said public pension funds seem to have contributed to gains in the market. “But an increasing number of investors have started seeing Japanese stocks as quite cheap and trade volume is picking up accordingly, even if it’s only little by little.” “We can’t tell at what point the market will stop its slide as sellers expect their clients could close their accounts and they are also just fearful,” said Yoshinori Nagano, chief strategist at Daiwa Asset Management. Shares of major banks dropped on dilution concerns after Japan’s top lender Mitsubishi UFJ Financial Group said it would raise up to $10.6 billion to replenish a capital base depleted by a plunging stock market and its investment in Morgan Stanley. Seven & I Holdings Co jumped more than 14 percent after Credit Suisse lifted its rating on Japan’s largest retailer to “outperform” from “neutral,” citing a stable outlook for its earnings and the defensive nature of its stock. The Nikkei average rose 3 percent on Tuesday, with investors picking up beaten-down shares such as Honda Motor after the benchmark briefly broke below 7,000 for the first time in 26 years.
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