Nikkei index soars nearly 4 pct as low oil prices ease economic slowdown fears

Tokyo stocks jumped on Thursday following four days of losing tracks, with the benchmark Nikkei surging nearly 4 percent, as an overnight fall in crude oil futures helped ease worries over a global economic slowdown.

The Nikkei briefly shot up almost 1,000 points in morning trading session, with concerns over rising oil prices offset by reports that the Organization of the Petroleum Exporting Countries and its allies may raise production targets.

The 225-issue Nikkei Stock Average rose 950.32 points, or 3.84 percent, from Wednesday to 25,667.85.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 62.94 points, or 3.58 percent, at 1,821.83.

Issues of all industry categories except for mining gained ground. Major gainers were led by air transportation and consumer credit issues.

"The decline in crude oil futures brought relief to the market, as the recent climb had been somewhat overheated," said Kazuo Kamitani, a strategist in the Investment Content Department of Nomura Securities Co.

Market players also scooped up shares after the Nikkei shed more than 1,800 points over four days, with investor sentiment additionally backed up by advances in other Asian markets, analysts said.