TOKYO: Japan’s Nikkei share average ended more than 1% higher on Friday, rebounding from a one-month closing low in the prior session, as US bond yields fell further after a batch of data suggested the Federal Reserve has scope to cut rates this year.

The Nikkei rose 1.14% to 38,487.9 after a three-day slide. It was down 0.4% for the week but up 0.2% for the month.

The broader Topix rose 1.7% to 2,772.39. It gained 1.09% for the week and 1.07% for the month.

“The market reacted too much in the previous session to the jump in Treasury yields, which subsequently lifted Japanese yields,” said Kentaro Hayashi, a senior strategist at Daiwa Securities.

US Treasury yields slid overnight after data showed the world’s largest economy grew more slowly in the first quarter than previously estimated as consumer spending was revised lower.

Japan’s 10-year bond yield rose to 1.07% but was off from a near 13-year peak of 1.1% scaled on Thursday.

Investors are now awaiting the US Personal Consumption Expenditures (PCE) price index data, the Fed’s preferred measure of inflation, due later in the day for further direction.

Uniqlo-brand owner Fast Retailing gained 1.59% to provide the biggest boost to the Nikkei. Technology investor SoftBank Group rose 3.24%.

All of the Tokyo Stock Exchange’s 33 industry sub-indexes rose, with the brokerage sector jumping 4.25% to become the top performer.