(Adds Topix’s rebalance impact on volume and turnover)
TOKYO, Oct 28 (Reuters) - Japan’s Nikkei share average rose on Friday to a fresh six-month high as rising global bond yields helped financials, reflecting hopes of stepped up investments by financial institutions in overseas bonds amid Japan’s low bond yield environment.
Both volume and turnover on the broader market were high, drawing demand from passive investors as the Tokyo Stock Exchange will make changes to the constituents of the Topix New Index Series such as the Topix Core 30, on October 31. The exchange reviews the constituents annually.
The Nikkei gained 0.6 percent to end at 17,446.41, the highest closing level since April 22. For the week, the benchmark index gained 1.5 percent.
The broader Topix gained 0.8 percent to 1,392.41 on 2.63 billion shares changing hands, while turnover was 3.13 trillion yen, with both figures being the largest since July 29.
The JPX-Nikkei Index 400 rose 0.7 percent to 12,478.58.
Editing by Shri Navaratnam