Tokyo stocks rebounded more than three percent on bargain-buying Wednesday afternoon following a global equities rout, but heavyweight Japan Tobacco plunged as investors dismissed its $5.0 billion purchase of a US-based cigarette brand as too pricey.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange rose 3.06 percent, or 518.11 points, to 17,448.95 in the last hour of trading, while the broader Topix index of all first-section shares was up 3.10 percent, or 42.68 points, to 1,418.20. Japan Tobacco was 7.3 percent lower in late trade.