Japan's Nikkei 225 ended Friday up 1.26% at 65,020.94, snapping a four-session losing streak, while still falling 2% for the week. According to Sina Finance, the index was lifted by a 11.78% jump in SoftBank Group and stronger overnight Wall Street closes.
SoftBank was the Nikkei's biggest gainer after Arm Holdings rose 3.29% overnight, while Kioxia climbed 5.4%.
Japan's foreign exchange affairs chief Atsushi Mimura said on Friday that his stance on defending the yen has remained consistent. He told reporters in Tokyo that he has stayed in close contact with U.S. authorities since the G20 summit earlier this week.
Nomura Securities said the Bank of Japan could raise rates at three consecutive meetings before December in an extreme case of continued yen weakness. Yujiro Goto, head of Japan FX strategy at Nomura, said a 25-basis-point hike this month looks reasonable, and that October and December could see back-to-back hikes if the yen's weakness continues toward 160.
The yen rose more than 2% against the dollar this week to around 156, driven by speculation that the Government Pension Investment Fund may reconsider its asset allocation and by expectations that the Bank of Japan will accelerate rate hikes.
According to Sina Finance, Prime Minister Sanae Takaichi has begun discussing keeping Finance Minister Satsuki Katayama in her post, and officials are now consulting on the matter. The autumn extraordinary session of the Diet will review a consumption tax cut bill, which is seen as key legislation.