Nikkei Closes The Week At Year High

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Nikkei Closes The Week At Year High

Nikkei 225 Closes The Week At 34 Year High

Japan's benchmark index, Nikkei, reached a 34-year high during Friday's session. This advance in the Nikkei 225 has put it just within the sights of a time peak from the 1980s.

It is a significant milestone for the Nikkei 225 as when it touched its highest point in the 80s, it was considered the prime day for the bubble economy of Japan.

Nikkei 225 Trades Near 38188

In 1989, the Nikkei 225 managed to touch 38957.44, which was the highest point ever reached by the index. For now, the Nikkei 225 can be seen near 38188.74, which makes it just a few points away from the all-time high.

Since the start of 2024, the Nikkei 225 index has gained an astonishing 14% & and has come very close to touching the 38857.44 level.

According to one expert from Daiwa Securities, the speed of the Nikkei 225's ascend is much faster than initially thought. He added that government corporate reforms are vital in driving this price action.

Out of all the constituents of Nikkei 225, around 34 declined, while 190 stocks ended in green. Additionally, the Topic index closed near 2624.73, with an upside of around 1.27%.

The strength seen in Japan's stock market was also partially supported by a good trading day on Wall Street. Furthermore, all the heavyweights of the Nikkei 225 also climbed higher, which supported the index.

During the day, Toyota Motor jumped by 0.95%, while Recruit Holdings showed a +4.0% upside. Just like that, Fast Retailing showed an upside of 1.08% for the day.

The oil & coal stocks also ended the day in green and closed with a +3.96% gain. A jump in the price of oil also supported this.

On the economic front, the GDP report showed that Japan has officially entered the recession, which means the BoJ needs to take stern action quickly.

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