Japanese shares close higher as central bank seeks to calm markets

Japanese shares closed higher in a volatile week that saw double-digit losses and gains, prompting the Bank of Japan’s deputy governor to reassure investors that the central bank will not raise interest rates amid market volatility.

Fears of a possible recession in the United States and a sell-off in yen-funded investments have weighed on the market, while the BOJ’s shift to monetary tightening last week has raised alarm bells about how quickly it could move.

The Nikkei, which fell more than 2 percent in early trade, rose more than 3 percent on the deputy governor’s comments to close 1.19 percent higher at 35,089.62. The broader Topix index added 2.26 percent to 2,489.21.