Australian shares closed the week higher, boosted by market gains from Japanese shares, even with a muted session from Wall Street.

The S&P/ASX 200 Index rose 0.5% or 40.9 points to close at 8,261.8.

Tokyo's shares advanced as the yen dropped to a five-month low, Reuters reported.

With few trading days remaining in the year, a lull is expected, with markets likely to lack direction, the report added.

In corporate news, the Commonwealth Bank of Australia (ASX:CBA) has ceased to be a substantial holder in SiteMinder (ASX:SDR).

Life360 (ASX:360) Chief Financial Officer Russell Burke sold 3,104 shares on Monday at a weighted average price of $41.41. Shares of the company rose past 3% at market close.

Lastly, Arcadium Lithium's (ASX:LTM) chief executive, chief financial officer, and chief operations officer disposed of their shares in the mining firm, a US Securities and Exchange Commission disclosure filed with the Australian bourse showed.