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  • Tokyo's benchmark Nikkei index gained one percent on Friday as investors took heart from US rallies despite a spike in coronavirus cases that prompted fears of a fresh wave of infections. The Nikkei 225 rose 1.13 percent, or 252.29 points, to close at 22,512.08. Over the week, it edged up 0.15 percent. The broader Topix index was up 0.99 percent, or 15.52 points, at 1,577.37, but lost 0.34 percent from a week before. "The Japanese market is advancing against the backdrop of rallies in US shares," said Okasan Online Securities, predicting that investors would be unlikely to gamble too heavily ahead of the weekend. Analysts were balancing the negative impact of a potential second coronavirus wave with the floods of money pumped into the market by financial authorities. "Investors are concerned about an increase in infections globally, but sentiment remained positive as major economies continued making efforts to reopen their economies," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP. Market watchers were shifting their focus on key economic indicators to be released next week in the US, Horiuchi added. The dollar fetched 107.09 yen in Asian afternoon trade, against 107.16 yen in New York on Thursday. In Tokyo, SoftBank surged 3.03 percent to 5,533 yen on plans to buy back its shares, while Toyota climbed 1.07 percent to 6,868 yen with Nintendo up 0.47 percent at 48,500 yen. Japanese banks gained after the US banking sector rallied on the Federal Reserve's announcement it was loosening rules on investments in risky assets. Sumitomo Mitsui Financial rose 1.68 percent to 3,073 yen and Mitsubishi UFJ Financial gained 1.31 percent to 432.3 yen. Central Japan Railway jumped 2.40 percent to 17,265 yen after its president held talks with a local governor on construction of its high-speed rail system, which has been delayed by local concerns over possible environmental impacts. si/sah/gle
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  • Tokyo's Nikkei closes up more than 1 percent
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