Japan’s Nikkei Index Rises Supported by Technology

Japanese stocks halted a five-session losing streak on Friday, boosted by technology heavyweights and after a massive rebound on Wall Street overnight.

The Nikkei index rose 1.95 percent to close at 2,6476.50 points, but it fell 2.3 percent this week.

The broader Topix index rose 1 percent to 1,876.24 points but fell 2.5 percent for the week.

US stocks closed sharply higher overnight, led by a 3 percent rise in the Nasdaq index after US President Joe Biden unveiled tough new sanctions on Moscow after its attack on Ukraine.

Chip-related shares led the gains, with Tokyo Electron rising 5.79 percent and Advantest adding 7.71 percent. And SoftBank Group, which invests in the technology sector, gained 5.56 percent.

Medical platform services company M3 rose 5.37 percent.

Banks and insurance shares fell 2.21 and 3.27 percent, respectively, after US Treasury yields fell overnight.