Nikkei rises to 2-1/2-week high

Published: July 13, 2018 11:59:11 | Updated: July 16, 2018 09:59:57

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Japan’s Nikkei surged to 2-1/2-week highs on Friday, helped by a weaker yen and gains from index-heavy stock Fast Retailing after it jumped on the back of strong third-quarter results.

The Nikkei share average soared 1.3 to 22,481.13 in midmorning trade, after rising as high as 22,530.19, its strongest since June 25.

The benchmark index has gained 3.2 for the week so far and is set to snap a three-week losing streak.

Fast Retailing, operator of Uniqlo clothing stores, jumped 6.0 after its third-quarter operating profit surged 37  to a record 68.4 billion yen thanks to brisk sales at its overseas Uniqlo stores.

The stock added a hefty 113 positive points to the Nikkei.

The broader Topix, however, was just up 0.7 at 1,722.31, reports Reuters.

The dollar rose 0.2 per cent and hit a fresh six-month high against the yen of 112.71 early on Friday. A weaker yen tends to help Japanese exporters’ profits made abroad when repatriated.

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