Japan’s Nikkei Index Records First Weekly Increase in 5 Weeks

The Japanese stock index rose after a mid-day break on Friday, reversing its trend after a tepid morning session, to end the day with strong gains that halted a four-week decline.

The Nikkei index closed the day’s trading, up 0.73 percent, recording 27439.99 points. Over the week, it recorded an increase of 2.71 percent, which is the best performance since mid-October, after it tracked the impact of stock movements in global markets, which rose after companies announced good gains in general, led by American companies.

Traders were positively affected by a rebound in futures trading on Wall Street, supported by strong gains made by Amazon, which overshadowed fears of high inflation and tightening central bank policies around the world.

The financial sector remained the best performer on the Nikkei index, with shares of its companies jumping 0.90 percent after expectations of larger increases in interest rates, which raised the bond yield and boosted the prospects for expectations related to returns.

Technology companies were the second best performing sector, advancing 0.76 percent. Konami Games Electronics Holdings Inc gained 11.71% after an encouraging earnings report, which made it the best-performing percentage gainer on the Nikkei index. Nintendo shares rose 3.62 percent and chip giant Tokyo Electron 1.52 percent.