TOKYO -- Asian shares jumped on Friday as U.S. markets recovered overnight, but most traders are viewing the bounce as a one-off event.

In Japan, local fund managers buying selected tech shares before the close of the fiscal first-half Sept. 30 helped the

Nikkei 225

index rise 120.30 to 15,747.26. The

Topix

index, which includes all shares listed on the

Tokyo Stock Exchange

, rose 31.35, or 2.2%, to 1470.78, the

Jasdaq

small-cap gained 0.86, or 1.2%, to 75.03, while the Nikkei

over-the-counter

index climbed 17.40, or 1.1%, to 1588.95.

Despite cutting its planned shipment of PlayStation 2 game consoles to North America, shares of

Sony

(SNE) - Get Report

jumped 320 yen, or 3.0%, to 10,960 ($101.67).

NEC

(NIPNY)

also picked up some trading volume, rising 80, or 3.4%, to 2455. Semiconductor equipment makers slumped, however, as investors in Japan feared a slow down in the global mobile-phone business.

Tokyo Electron

shed 190, or 1.9%, to 9800, while

Advantest

fell 510, or 2.9%, to 16,980.

Nissan Motor

(NSANY)

was the play of the day, with shares rising 83, or 15.5%, to 620. Thanks to a vigorous three-year restructuring program, Nissan revised upward its profits for the fiscal first-half and for the full year ending March, prompting

Goldman Sachs

to upgrade its assessment on shares to the recommended list from market outperform.

Other automakers went along for the ride, with

Toyota Motor

(TM) - Get Report

up 110, or 2.6%, to 4270, and

Honda Motor

(HMC) - Get Report

, up 110, or 2.8%, to 3980.

Traders in Tokyo said they expect quiet trading for Monday, as investors wait for Tuesday's release of the

Bank of Japan's

tankan

survey of corporate sentiment. Most experts reckon business confidence will rise among large manufacturers but will wither for small to mid-sized firms. Worries about U.S. stock market moves also had investors cautious in Asia.

The greenback edged a notch or two higher against the yen to 107.80.

Hong Kong's

Hang Seng

index bounced 233.23, or 1.5%, to 15,648.98 as property and banks shares rallied.

Hang Seng Bank

(HSNGY)

rose HK$3.25, or 4.0%, to 85.25 ($10.93), while

Sun Hung Kai Properties

(SUHJY)

gained 3.50, or 5.0%, to 73.25. The latter announced fiscal first-half profits of HK$10.8 billion, a 17% rise from the same time last year, after the market closed Thursday.

Telecom firms also fared well, with

Hutchison Whampoa

(HUWHY)

rising 1.50, or 1.5%, to 103.50, and

China Mobile

(CHL) - Get Report

gaining 1.25, or 2.5%, to 51.75. Quiet trading surrounded

Pacific Century Cyberworks

(PCW)

, which fell 0.05 to 8.95. Pacific Century said late Thursday the firm lost HK$35 million for the fiscal first-half, a smaller-than-expected loss, but with investors still wondering about the firm's mobile-phone venture with Australia's

Telstra

, shares may not have a chance to rally above 12.00 in the near future, traders said.

Elsewhere in Asia, Korea's

Kospi

index gained 7.37, or 1.2%, to 613.22, while Taiwan's

TWSE

index shed 132.51, or 2.0%, to 6432.26.