Nikkei notches 21-yr high as Fast Retailing adds momentum, Kobe Steel dives

From Reuters - October 12, 2017

* Fast Retailing contributes hefty gains to Nikkei

* Event-driven funds likely chasing market higher before election - analyst

* Kobe Steel dives more than 8 pct, most-traded stock by turnover

By Ayai Tomisawa

TOKYO, Oct 13 (Reuters) - Japans Nikkei share average edged up and hit a fresh a 21-year high on Friday helped by index heavyweight Fast Retailing, while selling of Kobe Steel continued as worries from its data fabrication scandal extended overseas.

For the overall market, though, continued hopes that the ruling party bloc will win a general election later this month underpinned sentiment, traders said.

Kobe Steel Ltd dived more than 8 percent after the Nikkei business daily reported that more than 30 companies outside Japan were found to have received products with falsified specifications.

The paper also reported that quality inspection data in Kobes core steel products business was also falsified.


Continue reading at Reuters »