Nikkei ends up 1 pct, led by property firms

(Updates to close)

TOKYO, July 23 (Reuters) - Japan's Nikkei stock average rose 1 percent on Wednesday, with property firms Mitsubishi Estate Co Ltd (8802.T: Quote, Profile, Research) and Mitsui Fudosan Co Ltd (8801.T: Quote, Profile, Research) jumping after JPMorgan initiated coverage of them with an "overweight" rating.

Japan's second-largest bank Mizuho Financial Group (8411.T: Quote, Profile, Research) and its rivals extended gains on relief that major U.S. bank results were now over, with most not as dire as investors had feared.

The benchmark Nikkei .N225 ended up 127.97 points at 13,312.93 after rising as high as 13,388.63 at one point.

The broader Topix climbed 1.2 percent to 1,303.35. (Reporting by Taiga Uranaka)