Japan's Nikkei Powers To 1990 'Bubble' Era High
Date
5/19/2023 4:31:17 AM
(MENAFN- Emirates News Agency (WAM)) TOKYO, 19th May, 2023 (WAM) -- Japan's NIKKEI share average rallied on Friday to the highest since August 1990, the country's so-called "bubble" era, driven by a confluence of positive factors from strong earnings to optimism over a US debt ceiling deal, Reuters reported.
The benchmark index (.N225) jumped as high as 30,924.57 shortly after the open, on course for a seventh straight winning session, after smashing through the psychological 30,000 level on Wednesday for the first time in 20 months.
The broader Topix (.TOPX), which had reached the post-bubble milestone on Tuesday, extended its climb to as high as 2,171.37.
The Nikkei's final push to a 33-year peak drew additional momentum from gains in global stocks as investors turned more optimistic that US lawmakers can soon reach a deal to raise the debt ceiling and avert a potentially catastrophic default.
The Nikkei had rocketed 6.2% from the May 10 close - when sweeping rally began - to reach Friday's high. It was last up 0.72% at 30,794.32.
The Topix had gained as much as 4.2% over the same period. It was last 0.24% higher at 2,162.98.
MENAFN19052023000061011009ID1106276312
.gif)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.