Japan Shares Closed Higher, Posting 3% Weekly Gain

Japanese stocks rose for the fourth session in a row, as technology stocks rebounded while investor sentiment remained supported by expectations that low-interest rates and large fiscal spending will continue to support global economic growth.

The benchmark Nikkei index rose 1.73% to 29,717.83 points.

The broader Topix index rose 1.36% to 1,951.06 points. And for the week, the Nikkei and Topix gained nearly 3%.

Technology and energy stocks rebounded from recent losses, following the example of their US counterparts, but this partially dissipated due to selling in the real estate and financial services sectors.

Sentiment generally remained positive due to strong expectations that global growth will accelerate as more countries vaccinate their citizens from the emerging coronavirus.

E-commerce firm Rakuten jumped 8.64% after reports said the company would form a capital alliance with Japan Post Holdings, whose shares rose 4.89%.

SoftBank Group, which invests in emerging companies, rose 3.35% after South Korean e-commerce company Kubang, in which Softbank owns a 35.1% stake, was rated at about $ 109 billion in its first trading session on Thursday.

Sources said that Singapore-based Grab Holdings, a ride-sharing app, which is also backed by SoftBank, is in talks to offer its shares on the stock exchange through a merger that could put the company at around $ 40 billion.

Astellas Pharma topped the list of losers on Topix 30, down 0.68%, followed by Tokyo Marine Holdings, which fell 0.43%.

And 156 shares advanced on the Nikkei index, against a decline of 67 today.