Nikkei rises and records the best weekly performance in two months

Japan’s Nikkei index rose on Friday, the last trading day of the country’s fiscal year, and recorded its best week in two months after easing fears of a banking crisis and a weaker yen boosted investor sentiment.

The Nikkei ended Friday, up 0.93 percent, at 28,041.48 points, to remain above the 28,000-point barrier. It had reached 28,124.62 in early trading, up 1.23 percent and 342 points from the previous close.

The Nikkei rose 2.4 percent for the week, the biggest rise since Jan. 27. It jumped 7.46 percent during the quarter, marking the best performance since the end of 2020.

The broader Topix index closed 1.02 percent higher at 2,003.50 points, after crossing the 2,000-point barrier for the first time since March 13. It rose 2.46 percent this week, its biggest rise in two months.

He added that he expects the Nikkei to continue its bullish trend over the next week.

The index of the banking sector on the Tokyo Stock Exchange rose 1.19 percent, and the securities companies rose 1.21 percent, making them among the best performers among the 33 sub-indices representing business sectors on the Tokyo Stock Exchange.

Transportation equipment stocks, including currency-sensitive automakers, rose 1.7%.

Mitsui & Co. recorded the best individual performance by a wide margin, as its shares rose 7.61 percent after a report in the Nikkei newspaper stated that the trading company is considering raising the total return rate.

On the other hand, shipping stocks fell 4.87 percent and were the worst performers by a large margin.