INSUBCONTINENT EXCLUSIVE:
TOKYO: Japan's Nikkei closed higher on Friday as companies with large exposure to China soared on Beijing's commitment to boosting
economic growth, while investors also saw signs of progress in US-China trade talks.
There was little impact on the market from the Bank Of
Japan's decision to keep monetary policy steady.
The Nikkei share average ended 0.8 per cent higher at 21,450.85, with the index gaining
2.0 per cent for the week.
China's economy is facing additional downward pressure, but Beijing will not let economic growth slip out of a
reasonable range, Premier Li Keqiang told reporters on Friday at end of the annual parliament meeting.
Separately, Xinhua news agency said
on Friday that Chinese Vice Premier Liu He spoke by telephone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert
Lighthizer, with the two sides making further substantive progress on trade talks.
"The market mood is improving as worries about a global
economic slowdown are receding," said Hiroyuki Fukunaga, chief executive of Investrust.
The news from China boosted Japanese firms with
large exposure to the world's second-largest economy.
Fanuc Corp rose 1.4 per cent, while Komatsu Ltd gained 1.8 per cent and Yaskawa
Electric Corp jumped 4.2 per cent.
Elsewhere, Descente soared 2.7 per cent after the Nikkei reported that trading house Itochu Corp had
raised its stake in the sportswear maker to 40 per cent from about 30 per cent.
The broader Topix gained 0.9 per cent to 1,602.63, with all
but two of its 33 sub-sectors in positive territory
Advancing issues outnumbered declining ones 1,434 to 634.
