Japan Nikkei surges 2.1%

Japan share market finished session sharp higher on Friday, 28 May 2021, as investors' appetite for risk assets underpinned on tracking overnight gains on Wall Street and yen depreciation to upper-109 level against greenback. Meanwhile, buying was also propelled amid hopes that a steady vaccination drive can help accelerate economic recovery.

At closing bell, the 225-issue Nikkei Stock Average spurted 600.40 points, or 2.1%, to 29,149.41. The broader Topix index of all First Section issues on the Tokyo Stock Exchange surged 36.42 points, or 1.91%, to 1,947.44. Trading volume turnover in the 1st section decreased to 1,356 million shares from 2,404 million shares yesterday. Trading value turnover decreased to 3.108.85 billion yen from 5,599.56 billion yen yesterday.

All 33 sector sub-indexes on the Tokyo exchange were higher, with Nonferrous Metals, Iron & Steel, Machinery, Marine Transportation, Textiles & Apparels, Land Transportation, Wholesale Trade, and Insurance sectors being notable gainers.

ECONOMIC NEWS: Japan Unemployment Rate Rises To 2.8% In April-Japan unemployment rate came in at a seasonally adjusted 2.8 percent in April, the Ministry of Communications and Internal Affairs said on Friday, up from 2.6 percent in March. The job-to-applicant ratio was 1.09.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.009 following an earlier high of 90.161. The Japanese yen traded at 109.84 per dollar, following its sharp weakening yesterday from levels below 109.2 against the greenback.

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