Japan shares rise to the highest level in 7 months

Japanese stocks rebounded on Friday, boosted by the strong performance of Fast Retailing as investors appeared to ignore US inflation data that fueled bets for a US Federal Reserve interest rate hike next month.

The Nikkei average rose 3.25 percent to 27,090.76 points, its biggest daily percentage gain since March 17. The Nikkei crossed the main 27,000 point mark for the first time in a week after four consecutive sessions of losses.

The broader Topix index gained 2.35 percent.

Fast Retailing was the biggest gainer on the Nikkei, up 8.4 percent, and was by far the biggest contributor to the index’s rise. The parent company of Uniqlo reported record revenues and forecast higher operating profit for the current fiscal year.

Topix-listed Ryohin Keikaku, which operates the Muji retailer brand, rose 7.69 percent after reporting its earnings.

All 11 sectors included in the Nikkei index closed higher. Out of 225 stocks on the index, 224 rose and only one fell.