The key 225-issue Nikkei average managed to rise for the fourth consecutive session in directionless trading Friday, supported by a weaker yen, amid a dearth of strong market-moving incentives.
The Nikkei average of the Tokyo Stock Exchange climbed 39.75 points, or 0.17 percent, to end at 23,289.36, after surging 405.65 points on Thursday.
On the other hand, the Topix index of all first-section issues closed down 0.77 point, or 0.05 percent, at 1,623.38, following an 18.62-point jump the previous day.
The key market indexes fluctuated around Thursday’s closing levels throughout the morning, pressured by selling to lock in profits after their steep advances the day before, brokers said.
The underside of the market was supported by a slight weakening in the yen against the dollar and the popularity of some high-tech issues, thanks to a climb in the tech-heavy Nasdaq composite index in the U.S. market Thursday.
Although weighed down by the lackluster moves of the Hong Kong stock market, both indexes stayed in positive territory for the majority of the afternoon, buoyed by the weaker yen, amid an absence of fresh factors to stimulate trading.
“Trading in the Tokyo market was thin, as typically seen during the summer holiday period,” Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co., noted.
“With the earnings report season in Japan almost over, trading turned lackluster, reflecting a lack of other strong incentives,” an official at a major securities firm said.
Falling issues outnumbered rising ones 1,276 to 818 with 79 issues unchanged in the TSE first section. Volume fell to 1.055 billion shares from Thursday’s 1.411 billion shares.
Advertising giant Dentsu Group Inc. jumped 2.24 percent, as investors applauded the company’s robust business results for January to June.
Fancl Corp. rose 1.75 percent, thanks to the cosmetics maker’s announcement that it has confirmed that a supplement helps prevent a spike in uric acid levels caused by purines in food.
Technology firm Fujifilm Holdings Corp. and clothing store chain Fast Retailing Co. also went up.
By contrast, Skylark Holdings Co. fell 2.89 percent, after the restaurant operator posted a net loss for January-June and failed to release its earnings projections for the full year through December.
In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average advanced 70 points to end at 23,280.