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.
The operator of the disaster-hit Fukushima Daiichi nuclear plant on Friday tentatively removed part of the cover shrouding the No.1 reactor building installed in the wake of the 2011 disaster to keep radioactive materials from dispersing. (Kyodo)
Police in Tokyo have arrested a 39-year-old member of the Air Self-Defense Force on a charge of attempted murder after he pushed a man onto the train tracks at JR Okubo Station in Shinjuku Ward. (Japan Today)
The Japanese government has drafted a new space development policy that will enhance its ability to provide security. The plan includes increasing the number of intelligence-gathering satellites. (NHK)
Until only recently, Japan never celebrated Halloween. And why would it? The nation honors the spirits of its ancestors in August, during the ancient Buddhist festival of O-bon, when ancestral spirits are said to revisit the family altars -and when reported encounters with ghosts and spirits reach a fevered peak. (marketwatch.com)
In spite of a recent fall in organized crime membership, Fukuoka Prefectural Police on Monday released a manga comic to discourage participation in yakuza gangs, reports the Nishi Nippon Shimbun (Oct. 27). (Tokyo Reporter)