Nikkei at 2-Month Closing High as Yen Pulls Back

Japan’s Nikkei stock average climbed 2.4 percent to hit a two-month closing high on Friday as Canon Inc and other exporters gained on a softer yen, leading to a sixth straight positive week. Mizuho Financial Group and other financials surged on growing confidence in their New York peers, also helping to boost the Nikkei. Generally gloomy earnings earlier this week were added to by results coming in after the close on Friday, including Honda Motor Co posting an 85.6 percent tumble in quarterly net profit after being hit by a stronger yen, rising commodities prices and a soft U.S. car market. Despite the bad news, much of which was expected, the market climbed. “Until very recently people were looking for reasons to sell stocks, but now they’re really looking for reasons to buy — anything will do,” said Nagayuki Yamagishi.

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