Japanese shares climb on bets Fed to hold rates steady

TOKYO: Japan’s Nikkei share gauge climbed on Friday, extending its weekly advance, after softer US producer prices eased pressure for a near-term Federal Reserve interest rate hike and supported risk appetite.

The benchmark Nikkei 225 advanced 0.59 percent to close at 68,713.80, notching a 4.7 percent weekly gain. The broader Topix climbed 0.51 percent to 4,197.20, a record closing level.

US stocks rallied overnight after data showed July producer prices were unchanged, reinforcing expectations the Fed will hold rates steady next month. The S&P 500 and the Nasdaq both closed at record highs.

There were 132 advancers on the Nikkei 225 against 92 decliners and one unchanged.

The largest percentage gainers in the index were Nexon, up 19.85 percent and marking its biggest one-day gain since February 2024, followed by Shift, 7.57 percent higher, and Nintendo, which gained 6.91 percent.

The largest losers were Trend Micro, down 14.60 percent, marking its steepest one-day fall since February 2024, followed by Lasertec, 4.12 percent lower, and Isetan Mitsukoshi Holdings, which lost 3.98 percent.