Japanese stocks rose, a day after slipping into a bear market, as investors weigh whether a rout that has wiped more than $15 trillion from global equities has gone too far.

The Topix index added 0.6 percent to 1,347.37 as of 9:03 a.m. in Tokyo, while the Nikkei 225 Stock Average gained 0.9 percent to 16,559.22. Both gauges closed Wednesday down more than 20 percent from their 2015 peaks. The MSCI Inc. gauge of global equities is also on the brink of a bear market amid plunging energy prices, rising U.S. interest rates and concern over China’s ability to manage a transition to more sustainable growth. U.S. stocks rallied in the final hour of trading to trim declines.

The MSCI All-Country World Index dropped 2 percent on Wednesday, taking its loss to 19 percent from a record high in May. E-mini futures on the Standard & Poor’s 500 Index added 0.6 percent after the underlying market fell 1.2 percent to close at its lowest level since April 2014. The gauge rallied in afternoon trading, trimming a slide of more than 3.6 percent.

The Nikkei 225 last entered a bear market in June 2013, after plunging 20 percent in less than a month. The gauge soon rebounded, rallying 31 percent from its low on June 13, 2013, through the end of that year.

The Topix’s 14-day relative strength index fell to 24.35 on Wednesday, below the level of 30 which some traders say indicates that shares will rise. When the measure slid to 24.4 on Jan. 12, the Topix jumped 2.9 percent the next day.

Source: Bloomberg