Japan shares Closing Higher on Hopes For a Strong Corporate Earnings Season

Japanese shares closed higher on Friday (April 9th), as they received support from growing expectations that companies will post strong earnings and issue optimistic expectations as the earnings reporting season begins.

The Nikkei index rose 0.2% to 29,768.06 points, while the broader TOPIX index gained 0.39% to 1,959.47 points.

Stocks in Tokyo had a bright start, following the S&P 500 index that closed at a record high and comments supportive from US Federal Reserve Chairman Jerome Powell on Thursday.

Shares in Yaskawa Electric, maker of industrial robots and semiconductor manufacturing equipment, closed flat before announcing its results later in the day.

Analysts say the results may set the trajectory for Japan’s manufacturing sector, which is expected to benefit from a rebound in global capital spending and increased investment to ease a semiconductor shortage.

Sony Group was the biggest gainer among the 30 main stocks on TOPIX, as it rose 2.77%, and Hitachi rose 2.66%, supported by reports that the company was in talks to sell its mineral unit.

And 149 shares advanced on the Nikkei index, against a decline of 73.