TOKYO: Japan’s Nikkei index rose on Friday, boosted by Fast Retailing after it reported robust domestic sales, while gains were limited on caution ahead of a key US jobs report due later in the day.
By 0219 GMT, the Nikkei share average was up 1.1% at 27,719.01 and was set to post a 3.4% weekly jump — the biggest such gain since March 25.
Uniqlo owner Fast Retailing jumped 5.4% and provided the biggest boost to the Nikkei after its same-store sales in Japan in May jumped 17.5% and marked an increase for two straight months.
“Fast Retailing and other retailers have posted a robust sales for the past month, which is a sign that the economy is normalising,” said Ikuo Mitsui, fund manager at Aizawa Securities.
“But, looking at the limited gains on the Topix index, we can say investors are still careful about the outlook and are awaiting US jobs data.”
US government’s non-farm payrolls data is due on Friday, and investors will look for fresh signs on the US economy’s health and how aggressively the Federal Reserve may continue to raise interest rates.
Japan’s Nikkei retreats from 6-week high as Astellas, Sony drag
The broader Topix rose 0.28% to 1,931.80.
For the week so far, it is up 2.37%. Game and camera maker Sony Group rose 1.59% and led gains on the Topix. Chip-making equipment maker Tokyo Electron gained 1.93% and technology start-up investor SoftBank Group climbed 3.02%.
Toshiba fell 2.48% after the troubled conglomerate disclosed it had received eight initial proposals to take it private as well as two proposals for capital alliances that would see it remain listed.
Toshiba had gained more than 6% in May.
There were 126 advancers on the Nikkei index against 97 decliners.
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