Japanese stocks fluctuated, after the best two-day rally for the Topix index since 2008, as a stronger yen dented the earnings outlook for exporters and a report showed machine orders declined more than expected as the economy shrank.

The Topix traded 0.3 percent higher at 1,300.81 as of 9:07 a.m. in Tokyo, swinging from loss of 0.2 percent, after the measure surged 8.4 percent in the past two days. The Nikkei 225 Stock Average added 0.2 percent to 16,092.79. The yen traded at 114.23 per dollar after strengthening on Tuesday for the first time in three days. U.S. stocks posted the best two-day gain in more than five months as trading resumed after a holiday.

Global shares rallied the past three days after more than $8 trillion was wiped from the value of equities since the start of the year amid concern growth in the world’s largest economies is weaker than forecast. Crude retreated Tuesday amid bets that a pledge by the two biggest oil producing nations to freeze output won’t succeed in tackling the global surplus.

Source : Bloomberg