TOKYO: Japan’s Nikkei share average rose on Friday, recovering from early losses to extend a weekly gain, as investors took in quarterly earnings from major companies while remaining cautious ahead of a crucial election on Sunday.
The benchmark Nikkei 225 Index rose 0.8percent to close at 54,253.68, capping a 1.7percent weekly gain. The broader Topix climbed 1.3percent to 3,699.
Earnings season is in full swing in the world’s fourth-largest economy, and markets are on tenterhooks ahead of a vote on Sunday, with polls pointing to a decisive win for the ruling coalition of Prime Minister Sanae Takaichi, who is viewed as a fiscal dove. Isetan Mitsukoshi rallied 7.1percent after the department store operator lifted its full-year outlook on Friday. Toyota Motor jumped 2percent after announcing a leadership shakeup and revising up its full-year forecast.
Food additive maker Ajinomoto soared 13.4percent, the biggest daily percentage change since October 2008, after upgrading its full-year outlook on Thursday.
On the flip side, Subaru sank 5.5percent after the automaker said US tariffs weighed on its full-year outlook. Soy sauce maker Kikkoman was the worst percentage loser on the Nikkei with a 7.5percent drop after reporting results on Thursday.
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