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Nikkei seen climbing for 9th straight day on renewed yen weakness
TOKYO, March 12 (Reuters) - Japan's Nikkei share average was likely to rise for a ninth straight day to a new 4-1/2 year high as a softer yen and expectations of monetary easing continue to drive up exporters and financials. But technical resistance could limit gains. "I think the market's got a strong base and we should see similar gains to yesterday, but the Nikkei's divergence from its 25-day moving average may signal a small pullback coming up," said Kenichi Hirano, operating officer at Tachibana Securities. As of Monday, the benchmark was 7.5 percent above its 25-day moving average after rising for eight consecutive days, its longest daily winning streak since July 2009, when it rose for nine days straight. It gained 0.5 percent on Monday. Market players said the Nikkei was likely to trade between 12,300 to 12,500 on Tuesday after Nikkei futures in Chicago closed at 12,350, up 0.4 percent from the close in Osaka of 12,290. Recent gains have been stimulated by expectations of higher overseas revenues for exporters on the back of the yen, which hit a fresh 3-1/2 year low in early Asian trade after a newspaper report that the Bank of Japan might deliver bold stimulus sooner than expected. The Dow hit a new all-time high as the S&P 500 hovered near its own record level, with a fall in the CBOE Volatility Index to a six-year low showing risk appetite was strengthening. > Dow ends at a record again, S&P in 7th straight gain > Dollar hovers near recent highs on Fed policy bets > U.S. job growth, stock gains hurt demand for U.S. debt > Gold up after mixed China data, U.S. equities eyed > Brent crude slips on weak Chinese industrial data STOCKS TO WATCH -JAPAN TOBACCO The Ministry of Finance will sell 333 million shares of Japan Tobacco, of which it owns a 50 percent stake, at a 2 percent discount of 2,949 yen per stock to fund the reconstruction of areas devastated by the 2011 earthquake. -RYOHIN KEIKAKU CO LTD Ryohin Keikaku, the operator of clothing and general homeware store Muji, is likely to log a record operating profit of 19.5 billion yen for the year ended Feb. 28, which would mark a 27 percent increase on the year, the Nikkei business daily reported.
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