Japan Shares Jump With The Support of The Financial Sector

Japan’s shares jumped, in the last sessions of the week, supported by shares related to the economic cycle, due to hopes of achieving economic recovery, while investors expressed optimism that the repercussions of the debt crisis of China’s Evergrande Group would not affect the rest of the markets.

The Nikkei index rose 2.06% to close at 30,248.81 points, the highest increase since July 12, recovering from losses incurred this week on fears of the Evergrande crisis. The index fell 0.82% during the week.

The broader Topix index rose 2.31 percent to 2,090.75 points, its second-highest daily increase this year.

Offshore Evergrande dollar holders did not receive the interest payments by Thursday’s deadline, but investors are becoming more optimistic that the company’s troubles will not pose general risks to the Chinese financial system and possibly other markets.

The shipping sector topped the rising shares, rising eight percent, recording a 13-year high, supported by the recovery of the shipping market. This sector is known for its extreme price volatility, and has gained more than 90 percent this quarter.