Business

Japan stocks recover as yen steadies

Japanese yen Image copyright Getty Images

Japan's stock market rose 1% on Friday, recovering some of the hefty recorded losses in the previous session.

The benchmark Nikkei 225 index closed up 165.52 points at 15,599.66, as a slightly weaker yen gave a boost to exporters' shares.

On Thursday, the yen soared after the Bank of Japan announced it would not add to its current stimulus programme.

Worried investors have also been drawn to the yen as a haven in the lead up to the UK's upcoming EU referendum.

There has been global concern around the vote and impact it could have on global markets.

The possibility of a Brexit was one of the factors that led the US Federal Reserve to keep interest rates on hold earlier this week.

Image copyright Getty Images
Image caption Japanese Finance Minister Taro Aso says stability in currency markets is extremely important

Japanese officials from the ministry of finance and the central bank, among others, were set to meet later to discuss worries around the equity and currency markets.

"Stability in currencies is extremely important," said Japanese Finance Minister Taro Aso on Friday. "We'll closely co-ordinate with other countries on this issue," he added.

Elsewhere in Asia

In Australia, the S&P/ASX 200 index finished Friday's session up 0.3% at 5,162.66, below the 5,312 level it needed to avoid a third straight week of losses.

Chris Weston of IG Markets in Melbourne forecast the index would struggle next week given the worries around the looming EU referendum.

"It's hard to see traders buying with any conviction given next week's event risk, but we could see some brave souls who see a 'remain' vote in the UK referendum tempted by adding selective risk to portfolios," he said.

In China, Hong Kong's Hang Seng index closed up 0.7% at 20,169.98, while the Shanghai Composite ended the day 0.4% higher at 2,885.10.

Stocks in South Korea closed flat, with the Kospi index ending the session up just 0.07% at 1,953.40.

More on this story