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Nikkei bounces to hits 6-year closing high as funds chase futures

Source : REUTERS
Last Updated: Fri, Dec 20, 2013 07:00 hrs
A man looks at an electronic board displaying share prices outside a brokerage in Tokyo

Japan's Nikkei share average closed a choppy session at its highest level in six years on Friday, with traders citing futures buying by funds ahead of the long weekend for the rebound from morning losses.

The market has been underpinned by a soft yen after the U.S. Federal Reserve this week finally announced it would start dialing back its massive stimulus, sending the dollar broadly higher.

The Bank of Japan meanwhile kept monetary policy steady on Friday, encouraged by growing signs the benefits of its massive stimulus are spreading through broader sectors of the economy.

"The Japanese market has risen nearly 600 points between Tuesday and Thursday. But profit-taking was limited during the day today, so investors assumed the Nikkei is still on the rising trend," said trader at a European brokerage.

The Nikkei rose 0.1 percent to end at 15,870.42, the highest closing level since Dec. 2007, bouncing back from 0.7 percent decline intraday. For the week, the index added 3.0 percent.

The Topix fell 0.1 percent to 1,261.64.

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