Japanese shares climb on bets Fed to hold rates steady; Topix poised for record close

Business Recorder reported that Japan's Nikkei share gauge advanced on Friday, extending its weekly gains, after softer US producer price data eased worries about a near-term Federal Reserve rate increase. The benchmark Nikkei 225 was up 0.85% at 68,889.01 at the midday break and is on course for a 5% rise over the week.

The broader Topix index added 0.69% to 4,204.99 and was on track for a record closing high. The move followed an overnight rally in US stocks, where producer prices were flat in July, which strengthened expectations that the Fed would keep rates unchanged next month. Both the S&P 500 and the Nasdaq ended at record levels.

Nomura Securities strategist Wataru Akiyama said US share gains were spilling over into Japan, and pointed to softer crude prices and slowing inflation as supportive factors. Within the Nikkei 225, 145 stocks advanced, 77 declined and one was unchanged. Shift, Nintendo and Sony Group led the gainers, while Isetan Mitsukoshi Holdings posted its steepest one-day fall since December.