Shanghai rebounds as Japan stocks languish

The Shanghai Composite Index rose 2.9% on Wednesday as Japanese stocks sustained their heaviest loss in three weeks, The Wall Street Journal reported. The downturn in Japan comes as the yen strengthens against the dollar, which ended the Tokyo trading session at JPY119.18, down from JPY122 on Monday. A weaker dollar is bad for Japanese exporters, with Toyota (7203.TYO, TM.NYSE) losing 3% and Suzuki Motor (7269.TYO) falling 3.3%. Volatility in Chinese markets saw the benchmark fall 1.7% earlier in the day, but rally to close higher. This follows a surprise move by Beijing to rein in lending Tuesday that fueled concerns about the Chinese economy.