TOKYO, Sept 24 (Reuters) - Japanese shares soared on Friday
led by cyclical stocks on economic recovery hopes, as investors
were optimistic that any fallout from China Evergrande's
debt woes would not spillover to other markets.
Nikkei average rose 2.06% to end at 30,248.81, its
biggest jump since July 12, recovering from much of the losses
it suffered earlier this week on worries about property
developer Evergrande's debt crisis. For the week, it was down
The broader Topix soared 2.31% to 2,090.75, marking
its second biggest daily rise so far this year.
The gains were in part a catch-up to the rallies in global
shares on Thursday when Japanese markets were closed for
autumnal equinox holiday.
"It's like the fog has cleared up for markets after the U.S.
Federal Reserve's meeting and Evergrande's coupon payment," said
Yuya Fukue, trader at Rheos Capital Works.
Some Evergrande's offshore bondholders have not received
interest payment by a Thursday deadline but investors grew
optimistic that its troubles will not pose systemic risks to
China's financial system and possibly to other markets.
Shippers, known for high price volatility and
already sitting on a gain of more than 90% so far this quarter,
led the gains with rise of 8% to a 13-year high on the back of
robust shipping market.
Kawasaki Kisen soared 11.0%, while Nippon Yusen
and Mitsui OSK Lines jumped 8.1% and 6.7%,
Financials also gained on hopes of higher interest income,
after U.S. bond yields rose following hints from the Fed that it
would soon begin tapering its bond purchases.
Insurers rose 3.4%, with Dai-ichi Life
up 4.4% and T&D Holdings gaining 3.8%.
Banks also came close with 3.3% gains while MUFG
rose 4.2% and SMFG advanced 3.3%.
Elsewhere, Sony rose as much as 5.2% to a 21-year
high, while Simplex, a system developer that was listed
on Wednesday, dropped 4.9%.
(Reporting by Hideyuki Sano; Editing by Sherry Jacob-Phillips)