Nikkei wins for third week, Nintendo rises 14%


TOKYO (Reuters) – Japan's Nikkei closed higher on Friday as investors bought shares linked to the economic session while Nintendo jumped after Tencent won approval to sell Nintendo chipsets in China.

The Nikkei benchmark <.N225> rose 0.5 percent to 22,200.56. In the week, the index rose 1.5 percent to gain gains for the third week, respectively.

Nintendo shares rose after China's Tencent won approval to begin selling Nintendo's switches in China, the world's largest gaming market. Shares of the maker of video games closed up 14%.

Risk appetite was bolstered by gains in US markets overnight driven by strong economic data as industry stocks rose after China's Commerce Ministry said trade talks between the United States and China had made new progress.

Stocks in machinery, transportation and electronics have gained more than the market, eroding the impact of defensive actions such as rail operators and utilities.

Tokyo Electron rose 2.3%, Fanuc added 1.4% and Ocoma rose 2.3% and Kawasaki Caissin rose 1.2%. The East Japan Railway fell 1.1% and Tokyo Gas fell 1.7%.

Meanwhile, Nissan Motor fell 2.2 percent after the Nikkei newspaper said the company would cut production around the world by about 15 percent in the fiscal year ending March 2020, the biggest cut in production at more than a decade for the Japanese automaker.

Later on Friday, Nissan said the report is not entirely true and said that its production plan for the current fiscal year will be released on May 14.

The broader Topix index gained 0.1 percent to 1,616.93 points.



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