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Japan’s Nikkei index ended Friday’s trading at a two-month high, boosted by a rally in Tokyo Electron and other growth-related shares, as markets tracked Wall Street after signs of lower inflation bolstered hopes the US central bank would slow the pace of interest rate hikes.
The Nikkei jumped 2.98 percent to close at 28,263.57 points, the highest closing level since Sept. 13. The index has gained 3.91 percent this week and has gained for the third consecutive week.
The broader Topix index rose 2.12 percent to 1977.76 points and is up 3.26 percent this week.
US stocks jumped Thursday evening after data showed inflation increased less than expected, indicating that the US Central Bank’s rounds of interest rate hikes are starting to pay off.
Chip maker Tokyo Electron rose 8.43 percent, providing the biggest boost to the Nikkei index, despite the company cutting its annual profit forecast. Its rival Advantest jumped 9.06 percent.
Uniqlo owner Fast Retailing rose 1.96 percent, and air conditioner maker Daikin added 7.19 percent.
Bucking the trend, Nikon shares fell 8.8 percent, becoming the biggest loser on the Nikkei index, after the camera maker posted lower half-year net profits.
