TOKYO: Japan’s Nikkei share average edged up on Friday with financial stocks leading the gains after U.S. yields rose, while GMO Internet soared after an activist fund called on the company to change its governance structure.
The Nikkei rose 0.2 percent to 23,808.06. For the week, it gained 0.7 percent.
Shares of internet and cryptocurrency firm GMO Internet climbed 4.7 percent after Hong Kong-based activist investor Oasis Management Co made proposals aimed at changing the company’s governance, which included reducing the power of its founder.
Banks and insurers, which invest in high-yielding products, soared after yields on U.S. 10-year notes reached a 10-month high.
Sumitomo Mitsui Financial Group advanced 1.4 percent and Mizuho Financial Group gained 0.8 percent. Sompo Holdings soared 2.0 percent and Dai-ichi Life Holdings gained 1.8 percent.
The broader Topix advanced 0.7 percent to 1,889.74.
Source: Brecorder.com
