Japan Stocks Closing Higher on a Jump in The Cycle-Related Sectors

Japanese stocks closed higher on Friday, while SoftBank led the gains on the Nikkei index, as investors snapped up decliners after falling sharply this week.

The Nikkei index rose 1.56% to close at 29,176.70 points, while the broader Topix index advanced 1.46% to 1,984.16 points.

For the week, the Nikkei is down 2% and the Topix is ​​down 1.4%.

Sentiment was supported, as Wall Street closed higher yesterday thanks to renewed optimism about the economy’s recovery after President Joe Biden pledged to double his administration’s plan to distribute anti-virus vaccines.

Nikkei’s heavyweight Softbank rose 1.8%, the largest contributor to the index, followed by Advantest, a maker of chip testing equipment, which jumped 4.65%.

Fast retailer, which runs Uniqlo clothing stores, rose 0.88%, also adding to the Nikkei index.

Toyota Motor and Sony were the largest shareholders in Topix, up 2.4% and 1.96%, respectively.

All of the 33 sub-sector indices on the Tokyo Stock Exchange rose, while the transportation sector led the gains. 195 shares advanced on the Nikkei, compared to a decline of 25.