Stock Market

Japans Nikkei average edged up to book its highest close in five weeks on Wednesday as bank shares rose amid optimism over steps by the Bank of Japan to stabilise the financial system and help the economy. Shares in USJ Co, the operator of Japans Universal Studios theme park, jumped after sources said Goldman Sachs will bid for it this month, aiming to take it private.

Japans Nikkei average rose 5.2 percent on Friday, its biggest one-day gain in over 3 months as Canon Inc and other exporters surged after data showed US retail sales stabilising and Bank of America reported a return to profit. Banks such as Mitsubishi UFJ Financial Group also made robust gains and the benchmark climbed 5.5 percent on the week, its largest weekly advance since late November.

Japans Nikkei average jumped 4.6 percent on Wednesday, posting its biggest rise in 6 weeks a day after hitting a 26-year closing low, as financial shares gained after Citigroups chief executive said the US bank was making profits. Toshiba Corp shot up more than 9 percent after a newspaper reported it may achieve an operating profit of about 100 billion yen ($1 billion) next business year, while other tech shares climbed in the wake of strong gains by their US peers.