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Tokyo: Nikkei rises to 1-1/2 week highs, but Fujifilm stumbles on probe
[TOKYO] Japanese stocks rose to 1-1/2 week highs on Friday as global investors bet that US tax reforms are gaining traction, but Fujifilm Holdings tumbled after delaying the release of its earnings because of an accounting probe.
The Nikkei 225 share average gained one per cent to 18,620.75, its highest closing level since April 11.
For the week, it gained 1.6 per cent, posting its first weekly gain in six weeks.
Traders said sentiment was lifted by overnight comments from US treasury secretary Steven Mnuchin, who said the Trump administration will "very soon" unveil a tax reform plan and expects it will be approved by Congress this year whether a healthcare overhaul happens or not.
The US dollar held steady versus the yen at 109.32 yen after rising 0.4 per cent on Thursday, lifting automakers and other exporters.
However, Fujifilm Holdings Corp tumbled 4 per cent after it postponed its earnings report over an investigation into accounting practices at an overseas unit.
The broader Topix gained 1.1 per cent to 1,488.58 and the JPX-Nikkei Index 400 advanced 1.1 per cent to 13,321.58.