Global Stock Exchanges.

Byline: S. KAMAL HAYDER KAZMI

Nikkei index extends rally to 9 days, longest win streak since 2019

Japan's Nikkei stock index extended its winning streak to nine days on Friday, its longest rally since September 2019, as investors bought issues to secure rights for dividend payments.

The 225-issue Nikkei Stock Average ended up 39.45 points, or 0.14 percent, from Thursday at 28,149.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.09 point, or 0.00 percent, lower at 1,981.47.

Gainers were led by marine transportation, farm and fishery, and pharmaceutical issues.

The U.S. dollar dropped to the upper 121 yen range after briefly rising to 122.41 yen, its highest level since December 2015, in New York trading overnight, as a lack of new incentives prompted investors to lock in gains, dealers said.

At 5 p.m., the dollar fetched 121.73-75 yen compared with 122.32-42 yen in New York and 121.62-64 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.1022-1024 and 134.17-21 yen against $1.0992-1002 and 134.52-62 yen in New York and $1.0978-0980 and 133.52-56 yen in Tokyo late Thursday afternoon.

The yield on the benchmark 10-year Japanese government bond briefly rose 0.010 percentage point from Thursday's close to 0.240 percent, its highest intraday level since January 2016, tracking a rise in U.S. Treasury yields, before closing at 0.235 percent.

The Nikkei average moved little throughout the day, hovering around the previous day's closing level, before moving into positive territory toward the end of the trading session.

The nine-day winning streak is the longest since the benchmark index rose for 10 straight sessions in September 2019.

Kazuo Kamitani, a strategist in the Investment Content Department of Nomura Securities Co., said market participants flocked to some issues to secure rights for dividend payments for the business year through March.

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