Around the World's Markets: Tokyo

THE NIKKEI average rose by 123.98 points, or 0.89 per cent, to 13,983.12 as public pension funds grabbed bargains after Thursday's sell- off, which left the index at its lowest close in more than 12 years.

With Japan in recession, half-year results due this month are unlikely to help. "We're going to see more earnings revisions, and they're all going to be lower," said Masayuki Nishina of New Japan Securities. The dollar was slightly firmer against the yen in late trade, but it stayed near 132.5 yen.