Nikkei takes cue from Wall Street records, logs weekly gain

Big 5

Japan’s Nikkei share average rose on Friday to log a robust weekly gain, as records levels hit on Wall Street and a weaker yen lifted sentiment.

Markets in Japan were closed on Thursday for a public holiday, with some participants opting to take Friday off as well.

The Nikkei ended up 1.1 percent at 16,919.92, gaining 4.1 percent for the week. It rose as high as 16,943.67 earlier, its highest since June 1.

All three major U.S. stock indexes closed at record highs on Thursday for the first time since 1999, with the Dow Jones Industrial Average climbing 0.6 percent.

A weaker yen also gave a tailwind to the market. The dollar rose 0.2 percent to 102.12, up 0.3 percent for the week.

The broader Topix was up 0.6 percent at 1,323.22, gaining 3.4 for the week, while the JPX-Nikkei Index 400 rose 0.7 percent to 11,912.07, up 3.5 percent for the week.

Shares of Sharp Corp surged 19.1 percent after Taiwan’s Foxconn said China’s anti-monopoly authorities have approved its acquisition of the Japanese electronics manufacturer. ($1 = 102.0300 yen)

Source: Reuters