Japan's Nikkei rally 2.3%

The Japanese benchmark Nikkei 225 rallied 2.3 percent to close at 39,829.56. The day's trading range was between 39,829.56 and 38,917.98.

Lasertec Corp gained 8.2 percent followed by Isetan Mitsukoshi Holdings that rallied 7.1 percent. Ebara Corp, Tokyo Electron and Daikin Industries, all gained more than 6 percent.

Sumitomo Mitsui Financial and Softbank Corp shed more than 3 percent. Nichirei Corp, Resona Holdings and Mizuho Financial Group, all slipped more than 2.5 percent.

Japan's leading index increased less than initially estimated in July from a 7-month low in June, the latest data from the Cabinet Office showed on Friday.

The leading index, which measures future economic activity, rose to 109.3 in July from 109.1 in the previous month. In the flash report, the score was 109.5.

Meanwhile, the coincident index rose to 117.2 in July from 114.1 a month ago. The latest reading was revised up from 117.1. The coincident index measures the current economic situation.

The lagging index also strengthened somewhat to 107.2 in July from 107.0 in the prior month. The initial score was 107.9.

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