Tokyo: The Japanese index rose more than 1% on Friday, boosted by heavyweight technology stocks, and is on track for its eighth weekly gain in nine weeks, driven by expectations of a fiscally easing government led by Sanae Takaichi.

According to Yemen News Agency, the Nikkei index rose 1.35% to 49,299.12, while the broader Topix index increased by 0.66% to 3,275.37. For the week, the indices showed solid gains, with the Nikkei rising 3.6% and the Topix 3.3%.

The Nikkei hovered near an all-time high, driven by a rise in artificial intelligence-related stocks and supported by bets on economic stimulus from the Takaichi government, which was elected Prime Minister of Japan this week.

Technology investment firm SoftBank Group Corp. rose 3.61%, providing the biggest boost to the Nikkei. Meanwhile, chip-related shares of Advantest and Tokyo Electron experienced notable increases of 3.8% and 2.35%, respectively.

Of the more than 1,600 stocks traded on the Tokyo Stock Exchange's main market, 51% advanced, 43% declined, and 5% remained unchanged.