Tokyo shares close up 1.32% TOKYO shares have gained 1.32 per cent by the close as bargain hunting emerged in late trade, while a weakening yen also helped boost the market. The benchmark Nikkei 225 index on Wednesday closed up 183.16 points to 14,050.16, while the broader Topix index of all first-section shares rose 1.23 per cent, or 14.19 points, to 1,171.34. "While there was no decisive selling factor in the market, players bought on dips targeting companies showing a brisk performance," said Katsuhiro Kondo, a dealer with Tokai Tokyo Securities. Hiroichi Nishi, general manager of equities at SMBC Nikko Securities, added that "Japanese stocks were still in the buying-zone." Nishi cited improved economic data in the US, Europe and China for buoying investor sentiment, and a Japanese media report that said Tokyo was mulling corporate tax cuts to help offset the impact of an expected hike in the country's sales tax. A doubling of Japan's consumption tax to 10 per cent by 2015 is seen as crucial to chopping the country's enormous debt, the worst among industrialised nations at more than twice the size of the economy. Trading volume, however, was thin with many market players off for Japan's summer Obon holiday. "Quiet trading is expected continue for the rest of the week or even next week," Tokai's Kondo said. Sony rose 1.67 per cent to Y2,000, Toyota added 1.26 per cent to Y6,410, while Uniqlo clothing chain operator Fast Retailing gained 1.68 per cent to Y33,200. On currency markets, the US dollar changed hands at Y98.35 on Wednesday afternoon, rebounding from Y98.22 in New York on Tuesday.