Nikkei index posts slight gains amid lower yen

Japan’s Nikkei rose today, Friday, trimming its weekly losses, as sentiment was boosted by a weak yen and Wall Street closing higher overnight.

According to Reuters, the Nikkei index ended trading on Friday, up 0.17 percent, at 27,518.31 points. However, it remained far from the high it recorded early in the session at 27,591.15 points, and the index fell briefly into the red zone after the mid-day break.

The Japanese stock index lost 1.9 percent during the first week of the new Japanese fiscal year. It reached its highest level in almost a month at 28,287.42 points on Tuesday, only to slide after that with global stocks as a wave of weak US economic data fueled recession fears.

The broader Topix index rose 0.21 percent to 1965.44 points, trimming its weekly loss to 1.9 percent.

The yen, which is considered a safe haven, fell overnight after reaching its highest level since March 28 earlier in the week, and there was little change in today’s trading, recording 131.805 against the dollar.

This helped automakers in particular. Mazda rose 1.95 percent and Subaru 1.33 percent. However, Toyota’s share fell 0.38 percent after the company revealed an updated electric car strategy

While the share of Seven & I Holdings, operator of the 7-Eleven series in Japan, was the biggest loser, as it plunged 4 percent after the disappointing earnings results.