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.
A total of 36 people were confirmed dead and seven remain missing on Wednesday after a series of landslides and flooding triggered by torrential rain overnight engulfed residential areas in Hiroshima, western Japan. (Kyodo)
The sports ministry has deemed a proposal to renovate the National Stadium for the 2020 Tokyo Olympics and Paralympics unrealistic, because of a number of drawbacks including insufficient earthquake resistance and building regulations that prohibit the blocking of sunlight from nearby structures. (The Japan News)
East Japan Railway Co., or JR East, announced new plans on Tuesday for three train lines linking Tokyo International Airport at Haneda and key stations in the Japanese capital by building a new underground station and tunnel. (Jiji Press)
The chief suspect in the murder of a wealthy Swiss-based Japanese asset manager and his wife whose bodies were found buried in a vacant lot in Kuki, Saitama Prefecture, in February 2013, pleaded not guilty as his trial opened in Tokyo on Tuesday. (Japan Today)
Local summer festivals in Tokyo were once lined with many street stalls run by organizations with links to organized crime. But festivals have undergone a makeover after a metropolitan government ordinance enacted in October 2011 banned event organizers from allowing gangs from becoming involved. (The Japan News)
A Sapporo assemblyman has drawn fire for posting comments online stating the indigenous Ainu group "no longer exists," and suggesting those who identify as Ainu are motivated by government programs that benefit the ethnic minority. (Japan Times)