July 5 (Reuters) – Japan’s Nikkei edged higher on Monday, with short-covering in exporters emerging after the benchmark marked its worst week in over a month and as a key retracement level continued to provide support.
Shares in consumer lenders such as Acom Co (8572.T) sky-rocketed, with many jumping by nearly a fifth in value after the Mainichi newspaper said Osaka prefecture may set up a special financial zone where tough new lending rules would be eased.
The benchmark Nikkei .N225 rose 0.7 percent or 63.07 points to 9,266.78, ending the day above support at 9,200, which is roughly a 50 percent retracement of the move up from its March 2009 low to its high in April.
The broader Topix gained 0.7 percent to 836.89. (Reporting by Aiko Hayashi)