Tokyo stocks skyrocket over 5% in late morning trade

Tokyo: Tokyo stocks surged more than five percent Monday on the back of a sharp rally in overseas markets as investors shrugged off a contraction in Japan`s economy during the final quarter of 2015.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange soared 5.06 percent, or 756.23 points, to 15,708.84 in late morning trade, clawing back from an eye-watering loss of more than 11 percent last week.

The broader Topix index of all first-section shares jumped 5.86 percent, or 70.08 points, to 1,266.36.