Nikkei reaches highest since 1990
The broader Topix index rose by 1.57% to 2482.87 points. On Thursday, Japan's Nikkei reached its highest levels since February 1990, as reported by Reuters. The weakening yen bolstered exporter stocks, while caution concerning the upcoming Bank of Japan rate hike continued to gradually dissipate amidst weak wage data.
Nikkei climbed 1.77% and has risen for the third consecutive day. At the end of trading, the index reached 35,049.86 points, closing at its highest level in nearly 34 years. Over the week, Nikkei could record its strongest gain since the end of March 2020.
The broader Topix index rose by 1.57% to 2482.87 points.
Tony Sicamore, a market analyst at IG, notes that last week's major earthquake in Western Japan and macrodata indicating sluggish wage growth are forcing market participants to "rethink" the timing of the normalization of the Bank of Japan's monetary policy.
Real wages in Japan decreased for the 20th consecutive month in November, according to data published on Wednesday. This has shattered the authorities' hopes for wage growth that would allow for tighter policy.