Nikkei rises as yen weakens, but Fast Retailing limits gains

Japan’s Nikkei rose on Friday in volatile trade, reversing earlier weakness as the dollar firmed against the yen, lifting risk appetite, but a sharp drop in Fast Retailing shares limited gains on the benchmark.

The Nikkei share average gained 0.5 percent to 15,821.52, crawling back from its intraday low of 15,471.80. For the week, it dropped 2.1 percent.

Fast Retailing Co shares plummeted 13 percent after it cut its net profit forecast by half, citing significant declines in first-half operating income from its Uniqlo brand outlets in Japan and abroad. It contributed a hefty negative 153 points to the Nikkei.

The broader Topix gained 1.2 percent to 1,287.69 and the JPX-Nikkei Index 400 added 1.2 percent to 11,622.30.

Source: Reuters