TOKYO: Japan’s Nikkei share average ended higher on Friday, driven by a surge in mega-cap Uniqlo store operator Fast Retailing on strong earnings.
Automakers also outperformed as a weakening yen bolstered the value of offshore revenue, as well as on relief that China would not ban exports of so-called dual-use items - with both civilian and defence applications - to non-military Japanese firms.
The Nikkei climbed 1.6 percent to close at 51,939.89.
Heavily weighted Fast Retailing’s 10.7 percent rally single-handedly contributed 592 points to the Nikkei’s total 823-point advance.
The broader Topix rose 0.9 percent to 3,514.11.
For the week, the Nikkei tacked on 3.2 percent, and the Topix gained 3.1 percent. Japanese markets will be closed on Monday for a national holiday. Earnings were the main driver of the Japanese market, even with the crucial US monthly non-farm payrolls report due later in the global day, which could reverberate across all geographies and asset classes.
“What the US jobs data says about the outlook for monetary policy will definitely be a focus for investors,” said Wataru Akiyama, an equities strategist at Nomura Securities. Japan’s earnings season doesn’t pick up until later this month, but Yaskawa Electric’s results due later on Friday will be watched closely as the factory robot maker is a bellwether for the domestic manufacturing sector, Akiyama said.
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