Japan's Nikkei rallies for sixth day on Uniqlo-owner Fast Retailing's boost
Yahoo Finance · 14 Apr 1.2K Views

TOKYO, April 14 (Reuters) - Japan's Nikkei share average rallied for a sixth straight session on Friday, its longest winning streak since July, as the benchmark index was buoyed by advances on Wall Street overnight and a surge in Uniqlo-owner Fast Retailing.

The Nikkei rose 1.2% to close at 28,493.47, and posted a 3.54% weekly advance, its biggest since November.

From the current session, the Nikkei's 25-day moving average - which had been a weight on the index - is set to turn up, Nomura Securities strategist Kazuo Kamitani said.

"Next week will be an easy week for the Nikkei to rise," he said, predicting a potential break above the March 9 close at 28,623.15.

In the U.S., the S&P 500 jumped 1.3% and the tech-heavy Nasdaq rose 2% overnight, as traders became increasingly convinced of a peak in the Fed's interest rates hikes next month as inflation pressures ease and the labour market loosens.

Some of Japan's best-known tech names advanced, with Sony adding 1.68% and Nintendo up 1.82%.

A rise in crude to multi-month highs overnight also buoyed energy shares, with Itochu and Marubeni soaring 4.48% and 3.35%, respectively.

But the outsized influence of Fast Retailing's 8.46% surge on strong earnings - adding 261 of the Nikkei's total 333.5 point advance - was clear from the relative underperformance of the broader Topix, which rose 0.54% to 2,018.72, bringing its weekly gain to 2.71%.

Fast Retailing was at one point up as much as 9.75%, taking it to the highest since March 2021.

Of the Nikkei's 225 components, 140 rose, 69 fell and 16 were flat.

Chip-making equipment giant Tokyo Electron was the biggest drag by index points with a 1.78% slide.

Automakers were also weak amid a strengthening yen. Honda slid 1.36%, Nissan dropped 0.85% and Toyota eased 0.25%.

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