By Kevin Buckland
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%.
(Reporting by Kevin Buckland; Editing by Rashmi Aich)
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