Japan's Nikkei up, Toyota rebounds
After U.S. indexes snap their losing streak Japanese market surges in a thinly traded session.
TOKYO (Reuters) -- The Nikkei share average rose 0.3 percent on Friday as investors picked up battered stocks such as Toyota Motor Corp on one of the last trading days of the year, but gains were capped on persistent worry over the economy.
JFE Holdings tumbled more than 7 percent after its unit JFE Steel stepped up planned output cuts in the face of plunging demand and became the first Japanese player to shut a blast furnace as the downturn bites.
"The market kept up yesterday's sentiment as currency moves were stable amid market holidays overseas. Past experience also shows that stock prices tend to gain around the year-end and start of the year, on hopes for the coming year," said Yutaka Miura, a senior technical analyst at Shinko Securities.
"But it's not as if investors can keep buying this time around as the outlook for the economy is murky."
The benchmark Nikkei added 25.95 points to 8,625.45. It rose 1 percent the previous day, but trading volume on the Tokyo exchange's first section hit its lowest since May 2005, excluding half-day trading sessions.
The broader Topix gained 0.3 percent to 838.45.
The market shrugged off a series of downbeat economic indicators, including data showing industrial production plunged a record 8.1 percent in November from the previous month, while the ratio of jobs available to those looking for work fell to a nearly five-year low.
U.S. markets were closed on Thursday for Christmas, and they reopen on Friday. In Asia, Hong Kong's stock market remains shut on Friday and will reopen on Monday.
The Tokyo bourse will end the year with a half day of trading on Tuesday and reopen on Jan. 5.
Toyota Motor Corp gained 1.4 percent to 2,885 yen, while Canon Inc rose 0.4 percent to 2,710 yen and Kyocera Corp climbed 1.6 percent to 6,180 yen.
Shares of JFE Holdings sank 7.1 percent to 2,300 yen.
Nissin Foods Holdings Co was flat at 3,190 yen after the Japanese instant noodle maker said it would buy a one-third stake in the parent firm of Russia's largest maker of instant noodles for about 26.8 billion yen ($296.1 million). 
