Nikkei hits 9-mth high, risk appetite holding up

Japan's Nikkei average extended its gains for a fourth day and hit a fresh nine-month high on Wednesday, with Toyota Motor Corp expected to lift the market after better-than-expected earnings.

Risk appetite has held up reasonably well after China moved for the second time in six weeks to rein in its surging inflation, with Wall Street ending higher and commodities and the Australian dollar bouncing back after an initial drop on the news.

Toyota's shares were untraded, awash with buy orders with the price indicated 2% above Tuesday's close at 3,560 yen.

The benchmark Nikkei was up 0.6% or 65.79 points at 10,701.77, the benchmark's highest level since May 6.

The broader Topix added 0.7% to 950.08.