Japan's Nikkei rises on SoftBank rally, but set for weekly fall

Business Recorder reported that Japan's Nikkei share average edged up 0.86% to 64,769.74 during the midday session on Friday, although the index stayed 2.46% lower for the week. The rebound followed four straight sessions of losses. Its main driver was technology investor SoftBank Group, whose shares surged 10.28%.

The chip unit Arm Holdings added 3.29% overnight, while memory producer Kioxia climbed 4.94%. The broader Topix, by contrast, dipped 0.18% to 4,094.48, and its weekly decline reached 1.26%.

Trading house shares weakened after Greg Abel, CEO of Berkshire Hathaway, said the group intended to keep its stakes for many decades, with Mitsui down 4.32% and Mitsubishi off 3.26%. Analyst Shuutarou Yasuda of Tokai Tokyo Intelligence Laboratory said the Nikkei's gains looked modest despite Wall Street's firm overnight close, pointing to expectations of a Bank of Japan rate increase. Market pricing already largely reflects a move to 1.25% later this month. Banks also retreated, as Mitsubishi UFJ Financial Group fell 0.32% and Sumitomo Mitsui Financial Group dropped 0.95%.