Nikkei index closed at the highest level in 7 weeks

The Japanese Nikkei index closed at its highest level in seven weeks today, Friday, supported by the strong performance of Nasdaq overnight, and Sony Group and others led the rise in the index after announcing strong expectations for growth.

According to Reuters, the Nikkei index rose 0.39 percent to close at 27,509.46 points, the highest closing level since December 16. The index rose 0.46 percent during the week

The broader Topix index also increased 0.26 percent to 1970.26 points, but lost 0.6 percent during the week.

“The companies’ expectations were clearly reflected in their share prices, such as Sony,” said Takamasa Ikeda, an official at (GCI) Asset Management.

The Nasdaq and Standard & Poor’s 500 indexes closed higher overnight and touched their highest levels in nearly five months, as stocks drew support from more-than-expected dovish comments from Federal Reserve Chairman Jerome Powell, while they jumped. Meta Platforms shares thanks to the application of strict cost controls.

Sony Group shares jumped 6.18 percent after the game maker raised profit forecasts and raised its PlayStation 5 sales target by one million units to 19 million in the year ending in March.

ANA Holdings also rose 1.68 percent after the operator of Japan’s largest airline raised its full-year profit forecast as travel demand recovered.

While Panasonic Holdings fell 3.11 percent after the electrical appliances manufacturer lowered its annual operating profit forecast.