The 225-issue Nikkei Stock Average index was up 258.55 points, or 0.93%, to finish at 28,041.48. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 20.18 points, or 1.02%, to 2,003.50.
Total 29 of 33 TOPIX sectors closed higher along with broader Topix index. Iron & Steel was the best performing sector, gaining 3.7%, followed by Wholesale Trade (up 2.63%), Precision Instruments (up 2.27%), Transportation Equipment (up 1.7%), Metal Products (up 1.28%), and Securities & Commodities Futures (up 1.2%) sectors. Marine Transportation was bottom performing sector, falling 4.68%.
ECONOMIC NEWS: The unemployment rate in Japan came in at a seasonally adjusted 2.6% in February, the Ministry of Internal Affairs and Communications or MIAC, said on Friday. The participation rate was 62.1%, down from 62.2% a month earlier. The MIAC also said Overall consumer prices in the Tokyo region were up 3.3% on year in March. Core CPI, which excludes volatile food prices, were up an annual 3.2%.
Industrial production in Japan was up a seasonally adjusted 4.5% on month in February, the Ministry of Economy, Trade and Industry or METI, said on Friday. On a yearly basis, industrial production slipped 0.6% after sinking 3.1% in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it has weakened. According to its forecast, industrial production is expected to rise 2.3% on month in March and 4.4% in April.
The METI also said the total value of retail sales in Japan was up 6.6% on year in February, up from the downwardly revised 5% gain in January.
CURRENCY NEWS: The U.S. dollar depreciated to the lower 133-yen range in Tokyo on Friday. The dollar fetched 133.18 yen compared with 132.65 yen in Tokyo on Thursday.
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