(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.
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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.