Japanese shares jump as banks, tech stocks firm

File Photo (Reuters) File Photo (Reuters)

Japan’s Nikkei share average surged more than 1.0 per cent to a fresh 21-year high on Friday, led by banking shares as US yields remained high and by tech shares.

The Nikkei rose 1.2 per cent to 22,008.54 points, its strongest closing level since mid-1996, reports Reuters.

For the week, the index has risen 2.6 per cent, posting seventh straight weeks of gains, the longest weekly winning streak in almost a year.

The broader Topix gained 1.0 per cent to 1,771.05, with 2.0 billion shares changing hands, the highest level in five weeks.

It had risen for a record 16 straight sessions through Tuesday before dipping on Wednesday.

Shares in financial firms, which invest in high-yielding products such as foreign bonds, staged a rally, with Mitsubishi UFJ Financial Group surging 2.8 per cent and Mizuho Financial Group soaring 1.9 per cent.

Insurance stocks were in demand as well, with Dai-ichi Life Holdings rising 1.0 per cent and Sompo Holdings adding 0.8 per cent.

On Thursday, the 10-year US Treasury note yield was at 2.453 per cent, up from Wednesday’s 2.444 per cent.

The dollar gained 0.2 per cent to 114.20 yen.

Advantest Corp jumped 6.5 per cent, Sumco surged 3.9 per cent, and NTT Data soared 2.8 per cent.

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