Japan's Nikkei rebounds after six-session losing streak
EWJ•Japan's Nikkei rose 1.75% to 65,550.68 at Friday's midday break after a near 5% drop in the previous session, while the Topix gained 1.83% to 4,072.71. Gains were limited by caution ahead of corporate earnings and the U.S. midterm elections.
1. Indexes recover
The Nikkei rose on Friday after a six-session losing streak, though it remained down 5% for the week. The Topix gained 1.83% but was still on track for a 0.8% weekly decline.
2. Stock moves
Tokyo Electron rose 2.12%, Kioxia gained 3.34%, SoftBank Group advanced 1.3% and Advantest edged up 0.64%. BayCurrent surged 17.25% after saying it would use excess cash for investments and share buybacks. Mitsubishi UFJ Financial Group and Mizuho Financial Group rose 1.64% and 1.71%, respectively.
3. Cautious trading
A Daiwa Securities strategist said investors bought shares back after the previous session's losses, with no other factors behind the gains. He said investors saw little reason to buy aggressively ahead of corporate earnings and next month's U.S. midterm elections. Of more than 1,500 stocks on the Tokyo Stock Exchange's prime market, 83% rose, 13% fell and 2% were unchanged.
