Japan's Nikkei snaps 6-day losing streak as AI shares rebound
EWJ•Japan's Nikkei rose 1.39% to 65,324.29 on Friday, ending a six-session losing streak as AI-related shares rebounded, while the Topix gained 1.67% to 4,066. Both indexes fell for the week.
1. Indexes rebound
The Nikkei rose 1.39% after falling nearly 5% in the previous session, but ended the week down 5.37%. The Topix gained 1.67% on Friday and fell 0.95% for the week. A strategist said investors were buying back shares after sharp losses, while caution ahead of corporate earnings and next month's US midterm elections limited gains.
2. Technology shares gain
Tokyo Electron rose 2.56%, Kioxia gained 3.84% and SoftBank Group rose 1.9%. Advantest ended 0.55% higher after recouping early losses. BayCurrent surged 17.25% after saying it would use excess cash for investments and share buybacks. Mitsubishi UFJ Financial Group and Mizuho Financial Group gained 1.82% and 1.72%, respectively.
