TOKYO - Japanese stocks advanced while those in Australia and New Zealand dipped in quiet trading Friday with most of the region's markets closed and investors awaiting key events in the coming week.

Tokyo's benchmark Nikkei 225 stock average rose 1.7 percent to 8,977.37. A weaker yen versus the dollar supported sentiment, as did relief over Wall Street's muted reaction overnight to Chrysler's bankruptcy.

Meanwhile, Australia's S&P/ASX 200 lost 0.5 percent to 3,769.6, and New Zealand's NZX-50 was off 0.8 percent.

Financial markets throughout much of Asia were closed Friday. Market holidays were observed in mainland China, Taiwan, Hong Kong, Thailand, Malaysia, Singapore, South Korea, Taiwan, the Philippines and India.

Japanese markets will be closed next Monday through Wednesday.

In New York Thursday, the Dow Jones industrial average ended about 17 points lower after President Barack Obama confirmed that Chrysler LLC will be going through a bankruptcy reorganization. The announcement did not surprise investors, however, and the Dow still capped the month of April with a robust gain of 7.4 percent.

Wall Street grown more confident that the nation's economy, while not yet healthy, is nearing a bottom. That optimism was stoked by reassuring comments about the economy from the Federal Reserve on Wednesday, and a government report Thursday revealing a decline in last week's jobless claims.

In Tokyo, such hopes for a rebound in overseas economies overshadowed weak government jobs and spending data in the morning.

The government said Friday that unemployment rose to 4.8 percent - the worst reading since August 2004. Anxiety over jobs and wages led families to spend less, with average monthly household spending declining 0.4 percent from the previous year.

Exporters gained on the yen's retreat, and companies releasing bullish earnings forecasts surged. Trading houses had a stellar day as well.

"The market has been focused on the downside (for earnings)," said Motomi Hiratsuka, head of sales trading at BNP Paribas in Tokyo. "So when there's an upward profit revision, investors are reacting positively."

Japanese computer maker Fujitsu Ltd. was the Nikkei's biggest gainer of the day, soaring more than 17 percent. It said Thursday that restructuring expenses led to a 112 billion yen ($1.15 billion) net loss for the 12-month period that ended in March but that it expects to rebound to a 20 billion yen profit this year.

Also benefiting from earnings hopes were electronics maker Canon Inc., which jumped almost 7 percent after upgrading its profit target for the year through December.

Major Japanese companies including Nintendo Co., Toyota Motor Corp. and Toshiba Corp. are scheduled to release earnings reports next week. Investors are also waiting for results of the U.S. government's bank "stress tests" and an upcoming policy-setting meeting of the European Central Bank.

In Sydney, Westfield Group, the world's largest listed shopping mall operator, lost nearly 2 percent. Miners also lost ground, with BHP Billiton Ltd. down 1 percent and Rio Tinto Ltd. retreating 0.8 percent.

Australian investment bank Macquarie Group Ltd. said Friday its profits halved last year, and slashed 2.5 billion Australian dollars ($1.8 billion) from its asset values because of the global financial crisis. It was the first time in 17 years the bank's profits shrank. Shares were halted Thursday at the bank's request after it said it was thinking about a capital raising project.

On Thursday, the Dow fell 17.61 points, or 0.2 percent, to 8,168.12, after rallying 121 points in early trading.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 0.83, or 0.1 percent, to 872.81, while the Nasdaq composite index rose 5.36, or 0.3 percent, to 1,717.30.

Futures were narrowly mixed. Dow futures were down 4 points to 8,122, while Nasdaq futures were up 1 point to 1,394.5.

Oil prices were lower in Asian trade, with benchmark crude for June delivery dipping 20 cents $50.92 a barrel in Asian electronic trading on the New York Mercantile Exchange.

The dollar rose to 99.11 yen from 98.85 yen late Thursday in New York. The euro strengthened to $1.3253 from $1.3243.

A service of YellowBrix, Inc.