The 225-issue Nikkei Stock Average index surged by 428.60 points, or 1.56%, to finish at 27,927.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased by 24.95 points, or 1.25%, to 2,019.52.
Total 30 of 33 TSE sectors ended higher, with Precision Instruments, Wholesale Trade, Mining, Pharmaceutical, Chemicals, and Retail Trade issues being notable gainers, while Insurance issue was notable loser.
ECONOMIC NEWS: Japan Services Sector Continues To Expand In February--The services sector in Japan continued to expand in February, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 54.0. That's up from 52.3 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Notably stronger increases in activity and new orders meant that Japanese service providers reported an increase in capacity pressure, as firms saw a further rise in outstanding business that was the fastest since August 2017. Concurrently, firms recorded a renewed expansion in employment levels, with anecdotal evidence linking this to the need for additional staff as demand recovered. The survey also showed that the composite PMI improved from 50.7 in January to 51.1 in February. The latest upturn was modest, yet the quickest recorded for four months. The expansion was led entirely by a solid expansion in services activity growth, as manufacturing output declined at the fastest pace since July 2020.
CURRENCY NEWS: The dollar hovered in the upper 136 yen level after hitting a two-and-a-half-month high of 137.10 yen in New York as fewer-than-expected U.S. weekly jobless claims raised expectations the tight labor market may lead the Federal Reserve to extend its monetary tightening cycle. At 5 p.m., the dollar stood at 136.41-42 yen, down from 136.77-78 yen at the same time Thursday.
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