Nikkei gains in longest rally in 9 months on boost from exporters, banks

TOKYO, April 17 (Reuters) - Japan's Nikkei share average ended at a more than one-month high on Monday, rising for the seventh straight session, as a weaker yen lifted exporters and bank shares tracked sharp gains of their U.S. peers at the end of last week. The Nikkei share average edged up 0.07% at 28,514.78, its highest close since March 9 and posted its longest rally since mid-July. The broader Topix advanced 0.41% to end at 2,026.97. "Overall, the market is strong, supported by the yen's weakness, which lifted automakers. And banks tracked sharp gains of U.S. bank shares on Friday," said Jun Morita, general manager - research at Chibagin Asset Management. "But I would say the market is stronger than it should be because there are signs of an economic slowdown going forward."

The dollar hit a one-month high against the yen, as resilience in core U.S. retail sales and impressive Wall Street bank earnings raised market expectations for an interest rate hike from the U.S. Federal Reserve in May. The S&P 500 banking sector jumped 3.5%, as a series of major U.S. banks, such as Citigroup Inc and JPMorgan Chase & Co beat earnings expectations. Among individual stocks, Toyota Motor rose 1.44% and Nissan Motor rose 1.43%.

Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group gained 2,57% and 2.50%, respectively.

In Japan, shippers rose 2.52% to become the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes. Kawasaki Kisen jumped 3.53%.

Uniqlo brand-owner Fast Retailing lost 2.71%, after surging 8.5% in the previous session, becoming the biggest drag for the Nikkei.

Cosmetic maker Shiseido lost 1.97%.
(Reporting by Junko Fujita; Editing by Sohini Goswami and Rashmi Aich)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Nikkei gains in longest rally in 9 months on boost from exporters, banks

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

Solid price gains for gold, silver after busy news weekend

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout