Tokyo stocks ended higher in volatile trading Friday as the fallout from Wall Street's overnight selloff was countered by a recovering dollar and bargain-hunting, resulting in a major intraday market reversal.
Volume was the highest in a week, prompting some participants to speculate that the market is showing signs of having bottomed following six major selloffs since May 23.
The Nikkei Stock Average closed up 215.55 points or 1.7% at 13,230.13, showing its widest intraday range--almost 628 points--since the 6.4% selloff on June 13.
For the week, the index added 4.3%, its first positive weekly gain in five weeks. Year-to-date, the Nikkei is up 27%.
The Topix index of all Tokyo Stock Exchange First Section issues also added 7.59 points, or 0.7%, to 1,099.40, with 22 of 33 subindexes ending in positive territory.
The strong finish was hardly foreseen by many at the open, as overnight U.S. shares' biggest-one day slide of the year triggered a sharp initial selloff.
But the Nikkei, which had posted a similar-sized loss the prior day, was bolstered by bargain-hunting and sharp recovery in the dollar.
The greenback briefly traded under Y97.00 intraday, but was seen changing hands at Y97.78 as of the TSE close at 0600 GMT.
On his first day in his new job, industry minister Yoichi Miyazawa said Tuesday he will soon be ready to visit communities near nuclear power plants, apparently pledging to maintain the momentum for reactor restarts. (Japan Times)
Osaka Mayor Toru Hashimoto met with the head of an anti-Korean group on Monday as he considers cracking down on hate speech rallies in the western Japan city, but they ended up having a shouting match in which they more or less just insulted each other. (Kyodo)
Osaka Prefectural Police on Friday arrested two male suspects for allegedly dumping a large quantity of adult video (AV) material inside a park in Nishinari Ward, reports the Sankei Shimbun (Oct. 17). (Tokyo Reporter)
Empress Michiko celebrated her 80th birthday on Monday. In a statement distributed to media by the Imperial Household Agency, the empress said she hoped the world could find peace ahead of the 70th anniversary of the end of World War II next year. (Japan Today)
The Nagano prefectural government's disaster response headquarters said Thursday it has decided to end its search this year for missing hikers on Mt. Ontake due to the growing risk of secondary accidents. (The Japan News)