Japan’s Nikkei closed higher for the fifth day

The Japanese Nikkei index rose for the fifth consecutive session amid optimism about the recovery of the local retail sector, while financial stocks were affected by recession fears in the United States.

The Nikkei index closed 0.26 percent higher, reversing early losses and posting its longest winning streak in more than a month. The broader Topix index ended up 0.05 percent.

Aon Corp rose 2.7 percent, leading gainers on the Nikkei index, after the retailer said revenue in the year to February reached an all-time high on expectations of record profits next year.

“As evidenced by the retail companies’ results, the increased movement of people and the recovery of domestic travel are boosting the economy,” said Maki Sawada, a strategist at Nomura.

On the Nikkei index, 128 stocks fell into the red zone compared to 89 stocks in the green zone. Financial and technology companies were the biggest losers on the index.

Bank Resuna Holdings fell 1.62%, while chip equipment maker Tokyo Electron Co fell 1.57%.