Japan’s Nikkei posts best week in three months amid trade deal optimism
Japan’s Nikkei share average rose by 1% on Friday, marking its strongest weekly performance in three months as investor sentiment improved on hopes that U.S. President Donald Trump could secure new trade agreements with key partners, including Japan.
The Nikkei (.N225) touched a two-week high of 34,758.97 before ending the day up 1.03% at 34,730.28, despite somewhat muted trading due to the Easter holidays in most other markets, News.Az reports, citing Reuters.
The broader Topix (.TOPX) added 1.14%.
The Nikkei climbed 3.41% for the week - the most since January 20 - to snap a three-week losing run.
On Thursday, Trump and close ally Italian Prime Minister Giorgia Meloni expressed optimism about resolving U.S.-European Union trade tensions. Trump also signalled a potential end to tit-for-tat tariff hikes with China.
Shipping (.ISHIP.T) was the second-best performer among the Tokyo Stock Exchange's 33 industry groupings, gaining 2.92%.
Pharmaceuticals (.IPHAM.T) topped the list with a 4.68% jump, led by a 17.54% surge for Chugai Pharmaceutical (4519.T) after an obesity drug it developed and licensed to Eli Lilly performed well in clinical trials.
Chip-sector shares dragged on the Nikkei though, as investors resumed selling after a rebound on Thursday.
Advantest (6857.T) sagged 2.26% and Screen Holdings (7735.T) dropped 3.97% to be the Nikkei's worst performer.
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