Nissan saw its shares rise almost 2% on Friday after it flagged a record loss due to a massive reduction in the value of its assets and hefty restructuring fees - costs that appeared aimed at clearing the decks for a badly needed turnaround.

Nissan expects to rack up a loss totaling 700 billion yen ($4.9 billion) to 750 billion yen ($5.3 billion) for the fiscal year through March because of declining sales and the losing value of its assets,

Nissan Motor estimated billions of dollars in net loss for the fiscal year ended March due to impairments and restructuring expenses.