Japan’s Nikkei gains for 3rd week in a row driven by strong ‎earnings

Japan’s Nikkei index rose on Friday and also recorded the third consecutive week of gains, driven by strong business results for companies at the end of the earnings announcement season.‎

According to Reuters, the Nikkei closed trading on Friday with an increase of 0.48%, recording 33,585.20 points, continuing its weekly gains to reach 3.12%.

The broader Topix index also rose 0.95% on Friday, recording a weekly rise of 2.33%, which is also the third consecutive week of gains for this index.

Japanese companies benefited from the weak yen and the transfer of costs to consumers, which was particularly evident with car manufacturers.

Japanese stock markets also received a boost from the rise recorded by US stocks, as the US Standard & Poor’s 500 index is on track to record gains for the third week in a row.

Of the 225 stocks listed on the Nikkei, 179 rose on Friday, 45 declined, and the performance of one stock was stable.

Airlines continued their weeks-long gains after an occasional decline on Thursday due to discouraging tourism data. ANA Holdings shares rose 3.2 percent, and Japan Airlines shares rose 2.36 percent.