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Japan's Nikkei share average edged up on Friday with financial stocks leading the gains after US yields rose, while GMO Internet soared after an activist fund called on the company to change its governance structure.
The Nikkei rose 0.2 per cent to 23,808.06. For the week, it gained 0.7 per cent. Shares of internet and cryptocurrency firm GMO Internet climbed 4.7 per cent after Hong Kong-based activist investor Oasis Management Co made proposals aimed at changing the company's governance, which included reducing the power of its founder.
Banks and insurers, which invest in high-yielding products, soared after yields on US 10-year notes reached a 10-month high. Sumitomo Mitsui Financial Group advanced 1.4 per cent and Mizuho Financial Group gained 0.8 per cent. Sompo Holdings soared 2.0 per cent and Dai-ichi Life Holdings gained 1.8 per cent. The broader Topix advanced 0.7 per cent to 1,889.74.
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