There were 175 gainers on the Nikkei against 43 that fell. Inpex Corp dropped 2.13%, pacing declines among energy shares after oil prices slid in U.S. trading. Sega Sammy Holdings Inc slipped 2.78% after announcing on Monday it planned to acquire Angry Birds game maker Rovio Entertainment Oyj for 706 million euros ($776 million). (Reporting by Rocky Swift; Editing by Sonia Cheema and Subhranshu Sahu)
By Rocky Swift
TOKYO, April 18 (Reuters) - Japan's Nikkei share average climbed for an eighth straight session on Tuesday,
boosted by gains in banks on positive U.S. data and as a weaker
yen lifted exporters.
The Nikkei rose 0.51% to close at 28,658.83, nearing
the highest level so far this year and marking its longest
winning streak since March 2022. The broader Topix climbed 0.69% to 2,040.89.
Chiba Bank Ltd led gains on the Nikkei, jumping
3.38%, while lender Resona Holdings Inc added 2.08%.
Mazda Motor Corp climbed 1.87% after the yen held a
two-day decline to trade near its weakest in a month.
U.S. shares rose on Monday after several banks kicked off
first-quarter reports with strong results and a positive reading
from the New York Fed's barometer of manufacturing activity.
"Earnings expectations have been OK. The yen has settled
down, at a level weaker than last year," said Quiddity Advisors
analyst Travis Lundy, who publishes on Smartkarma.
Comments by billionaire investor Warren Buffett last week
that he was adding to investments in Japan, along with
regulatory pressure on companies with low price-to-book (PBR)
ratios, are adding to buying cues, he said.
"There are expectations that lower PBR stocks being 'forced'
to become higher PBR stocks will mean cross-holding unwinds and
buybacks," he said.
The Nikkei is trading more than 3% over its 25-day moving
average, which may be a sign of volatility ahead, Nomura
Securities strategist Kazuo Kamitani said.
"It's too early to say the market is overheating, but it
could be a warning sign for high values," he said.
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