CORRECTED-Nikkei at 21-year high; Fast Retailing jumps on sales

  • Reuters
  • Stock Market News
CORRECTED-Nikkei at 21-year high; Fast Retailing jumps on sales

(Corrects month of Nikkei milestone in second paragraph)

TOKYO, Nov 6 (Reuters) - Japan's Nikkei share average touched a 21-year high on Monday as strong gains in the mining sector and shares such as clothing company Fast Retailing Co offset banking sector weakness.

The Nikkei .N225 was up 0.01 percent at the end of morning trade at 22,541.55, after rising as high as 22,644.68, its highest intraday level since June 1996.

Japanese markets were closed for a holiday on Friday.

Last week, the Nikkei rose 2.4 percent to mark its eighth straight weekly gain. That was its longest winning streak since Prime Minister Shinzo Abe's Abenomics reforms started in late 2012.

The broader Topix .TOPX edged down 0.1 percent to 1,792.42 and the JPX-Nikkei Index 400 .JPXNK400 was 0.04 percent lower at 15,897.81.

Mining stocks continued to outperform, with the mining subindex .IMING.T rising 1.9 percent. Inpex Corp 7203.T added 2.1 percent and Japan Petroleum Exploration Co 1662.T was 1.9 percent higher.

Fast Retailing Co 9983.T rose 2 percent, after the operator of clothing retailer Uniqlo said last week that sales jumped 8.9 pct in October from the previous year on brisk sales of winter clothes because of cold weather. Motor Corp 7269.T shares were up 0.4 percent after earlier touching a record high. The automaker reported a 56 percent jump in its second-quarter operating profit last week, and also raised its full-year forecast. SoftBank Group Corp 9984.T dropped 2.9 percent, after its group company Sprint Corp S.N and T-Mobile US Inc TMUS.O said they have called off merger talks intended to create a stronger U.S. wireless company to rival market leaders. of Japan Governor Haruhiko Kuroda said on Monday the central bank was closely watching the potential damage that prolonged ultra-easy policy could have on financial institutions' profits.

He said such a risk was not serious for now because financial institutions had a sufficient buffer against declining profits. banking subindex .IBNKS.T was down 1.5 percent.

Mizuho Financial Group 8411.TX slipped 1.5 percent, Mitsubishi UFJ Financial Group 8306.T skidded 1.8 percent and Sumitomo Mitsui Financial Group 8316.T shed 1.2 percent.

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