The $7 billion iShares MSCI Japan Index Fund (NYSEArca: EWJ) rallied more than 2% in early U.S. trading Friday after the Nikkei Stock Average closed higher in Japan.

The Japan exchange traded fund (ETF) rose one day after an aftershock shook the country. Japan’s economy is in a “severe condition” and a quick recovery isn’t expected following a triple disaster triggered by the March 11 earthquake, the government said, according to reports.

The Japan ETF was down more than 10% over the past month heading into Friday’s session. The ETF remains below its 200-day moving average.

iShares MSCI Japan

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