TOKYO, Jan 19 (Reuters) - Japan's Nikkei share average edged up on Friday morning with financial stocks leading the gains after U.S. yields rose, while GMO Internet soared after an activist fund called on the company to abolish its takeover defences and reduce the power of its founder.
The Nikkei rose 0.4 percent to 23,858.61 in midmorning trade. For the week, it has gained 0.9 percent so far.
Shares of internet and cryptocurrency firm GMO Internet Inc climbed as much as 4.5 percent after Hong Kong-based activist investor Oasis Management Co made its proposals for changes in the firm's governance.
Banks and insurers which invest in high-yielding products soared after yields on U.S. 10-year notes reached a 10-month high.
Sumitomo Mitsui Financial Group advanced 1.5 percent and Mizuho Financial Group gained 0.8 percent. Sompo Holdings soared 1.6 percent and Dai-ichi Life Holdings gained 0.8 percent.
The broader Topix advanced 0.6 percent to 1,887.93.
Editing by Simon Cameron-Moore