TOKYO: Japan’s Nikkei share average ended at a closing high for a second straight session on Friday, as chip-related stocks tracked Wall Street’s strong finish overnight.
The Nikkei rose 0.89 percent to 44,768.12, after gaining as much as 1.16 percent to a record intraday high of 44,888.02 earlier in the session.
For the week, the index rose 4 percent, its biggest weekly gain since mid-July.
The broader Topix edged up 0.4 percent to 3,160.49 and advanced 1.77 percent for the week.
“There was a caution for overheating but investors see potential for further gains as corporate outlook is seen as strong, while return on equity is expected to rise as local firms spend more money on shareholder returns,” said Naoki Fujiwara, senior general manager at Shinkin Asset Management.
Wall Street’s main indexes notched record-high closes on Thursday as US inflation and jobless data fuelled expectations that the Federal Reserve will cut interest rates this month. In Japan, chip-making equipment maker Tokyo Electron jumped 5.5 percent, while chip-testing equipment maker Advantest gained 1.82 percent.
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