TOKYO, Aug 15 (Reuters) - Japan's Nikkei advanced on
Friday, capping a week in which the benchmark index climbed to a
record high, as the yen weakened and data showed the nation's
economy was surprisingly resilient.
The Nikkei 225 Index gained 0.46%, following its
ascent to an all-time high of 43,451.46 earlier in the week. The
broader Topix climbed nearly 1%.
The overnight drop in yen provided support to exporter
shares, while data released on Friday showed Japan's economy
expanded at an annualised rate of 1% in the April-June quarter,
beating forecasts. Analysts expect the full impact of U.S.
tariffs on growth to emerge later.
Rising U.S. Treasury yields and comments from U.S. Treasury
Secretary Scott Bessent on Thursday that the Bank of Japan will
likely be raising interest rates were factors behind a jump in
financial shares, said Wataru Akiyama, a strategist at Nomura
Securities
"Expectations for improved performance due to rising
domestic interest rates are acting as a tailwind, leading to
relatively large increases in bank and insurance company shares
today," Akiyama said.
Banks were the biggest gainers in the Topix, with a
sub-index of lenders climbing 4.1% to the highest
level since August 2006. Shares of Mitsubishi UFJ Financial
Group ( MUFG ) rose 5.7%, marking an eighth consecutive session
of gains and hitting a record high.
There were 151 advancers in the Nikkei index against 66
decliners, positioning the gauge for a 2.6% climb over the week.