TOKYO: Japanese shares rose on Friday, as investors scooped up cheap stocks, with SoftBank Group leading gains even after the technology investor’s Vision Fund posted a record loss.
By 0140 GMT, the Nikkei share average had risen 2.2% to 26,326.61, rebounding from a two-month low hit in the previous session.
The index has lost 2.38% so far this week.
The broader Topix rose 1.65% to 1,859.50, but was down 2.92% for the week.
SoftBank Group provided the biggest boost to the Nikkei, surging 9.82%, even after posting a record loss at its Vision Fund investment arm, and an annual net loss of 1.7 trillion yen ($13.16 billion) for the group.
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“SoftBank’s big loss had been already priced in its shares so investors were not surprised by the outcome,” said Shuji Hosoi, senior strategist at Daiwa Securities.
Yutaka Miura, senior technical analyst at Mizuho Securities, said investors bought SoftBank on expectations the Nasdaq would rise later in the day.
Heavyweight Tokyo Electron advanced 4.46% after the chip-making equipment maker flagged a robust annual forecast for this fiscal year.
Nissan Motor slipped 2.48% after the automaker warned of flat operating profit this fiscal year, far below analysts’ expectations.
There were 168 advancers on the Nikkei index against 54 decliners.
The volume of shares traded on the Tokyo Stock Exchange’s main board was 0.66 billion, compared to the average of 1.23 billion in the past 30 days.
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