Oct 27 (Japan Today) - Japan's Nikkei share average rose more than 1% to a fresh 21-year high on Friday, led by banking shares as U.S. yields remained high and by tech shares after their U.S. counterparts posted strong earnings.
The Nikkei .N225 rose 1.2% to 22,008.54 points, its strongest closing level since mid-1996. For the week, the index has risen 2.6%, posting its seventh straight weeks of gains, the longest weekly winning streak in almost a year.
The broader Topix gained 1% to 1,771.05, with 2.0 billion shares changing hands, the highest level in five weeks.
It had risen for a record 16 straight sessions through Tuesday before dipping on Wednesday.
Shares in financial firms, which invest in high-yielding products such as foreign bonds, staged a rally, with Mitsubishi UFJ Financial Group surging 2.8% and Mizuho Financial Group soaring 1.9%.
Insurance stocks were in demand as well, with Dai-ichi Life Holdings rising 1% and Sompo Holdings adding 0.8%.
On Thursday, the 10-year U.S. Treasury note yield was at 2.453%, up from Wednesday's 2.444%. Ten-year yields hit a seven-month peak on Wednesday.
