The Nikkei Average rebounded sharply, briefly recovering the ¥70,000 milestone. Risk appetite strengthened on waning expectations for a rate hike following the US jobs report and the G7 decision to release oil and diesel reserves, keeping the index near its highs through the end of the session.
Following a firm performance in the US market the previous day, the Japanese market opened with the Nikkei Average staging a sharp rebound. Risk appetite strengthened on waning expectations for an early rate hike following the US jobs report and the decision to release emergency reserves of oil and diesel, extending the index's gains and restoring it to the ¥70,000 level.
The Nikkei Average closed at ¥69,946.86, up ¥1,637.40 from the previous day. Trading volume on the Tokyo Stock Exchange Prime Market was 2.25895 billion shares, with trading value of ¥7.7509 trillion. By sector, gainers predominated, with electrical equipment, glass and ceramics products, and chemicals among the sectors that advanced, while electric power and gas, mining and marine transportation declined.
Advantest, Tokyo Electron, Fast Retailing and SoftBank Group, four stocks with a large impact on the index, lifted the Nikkei Average by more than ¥1,000 combined. Among individual stocks, gainers were widespread, while Shionogi, Nintendo, Sumitomo Realty & Development and Sony Group were among those that declined.