Nikkei 225 up almost 7%, nearly 1,000 points

Bargain hunting has been the name of the game in today's Tokyo trade, with the Nikkei 225 surging as much as 6.7% during the afternoon session, with the improved mood from Friday being well capitalized by equity bulls today.

Abating selling pressure from sovereign wealth funds in Japanese equities, coupled with renewed hopes that OPEC may reach an agreement to end the Oil price rout, acted as the trigger for bargain hunters to bid up battered Japanese stocks, taking the index to nearly 16,000 points after a nearly 1,000 points up-move.

According to Nigerian Oil Minister Kachiwku, via Reuters, "the mood in OPEC is shifting from mistrust to a growing consensus that a decision must be reached."