Japanese Nikkei Index Nears All-Time High

The Japanese Nikkei index reached its highest level in 34 years on Friday, and is on the verge of surpassing its all-time high during Japan’s economic bubble in the 1980s.

The index broke the post-economic bubble record level of 38,188.74 points, putting it on track to surpass the all-time high of 38,957.44 points set in December 1989.

The Nikkei rose by 0.86 percent to 38,487.24 points at the close, pushing the index up by 14 percent since the beginning of this year.

Out of the 225 stocks listed on the index, 190 saw an increase while only 34 experienced a decrease.

The Topix index, which is the broadest measure, increased by 1.27 percent to 2624.73 points at the close.

The Japanese stock exchange received support from an increase in Wall Street and the stocks with the most weight on the Nikkei index rose.

Toyota Motor’s share increased by 0.95 percent, while Fast Retailing’s share rose by 1.08 percent. Additionally, Recruit Holdings’ share gained four percent.

The stock of Tokyo Electron, a company that manufactures semiconductor equipment, increased, achieving modest gains of 0.4 percent.

Bandai Namco Holdings’ stock recorded its best performance and rose by 8.05 percent, following its setback the previous day.

The subsidiary Topix index for oil and coal products increased by 3.96 percent to reach the top after a brief jump in oil prices last night.
«Reuters»