(MENAFN)
On Thursday, Japan's main stock indexes achieved record highs, fueled by strong performances in the auto, banking, and technology sectors, as the market anticipates robust corporate results in the second half of the year. The broader Topix index surged to a new record, exceeding its previous 34-year high by reaching 2,900.91 points earlier in the session. It closed with a gain of 0.92 percent at 2,898.47 points, surpassing its highest closing level since December 1989.

Leading the charge, Toyota Motor Corp. saw its shares rise by 1.98 percent, making the largest contribution to the Topix's gains. Honda Motor Co. also performed strongly, with a 3 percent increase. In the banking sector, shares of Mitsubishi UFJ Financial Group climbed by 1.47 percent, while Mizuho Financial Group saw a significant rise of 3.45 percent.

The Nikkei index mirrored this upward trend, closing up 0.82 percent at 40,913.65 points, surpassing its previous record closing level set on March 22. Technology shares were at the forefront of this rally, with chip testing equipment manufacturer Advantest Inc. rising by 2.14 percent. Technology investor SoftBank Group experienced an even more substantial gain, with its shares increasing by 4.53 percent.

Ojo Tsuboi, a senior equity analyst at Daiwa Securities, commented that the momentum of these two indexes is expected to continue through the end of the year. Investors are optimistic that local companies will raise their outlooks, further bolstering market confidence and driving continued growth in Japan's stock market. 

MENAFN04072024000045015682ID1108407433