7th June 2023


Japan Nikkei at 33 year high

Japan's Nikkei share average closed at its highest in 33 years yesterday as it was supported by gains on Wall Street. Investors kept betting on domestic equities based on expectations the Bank of Japan would retain its ultra-loose policy.

The Nikkei index (.N225) jumped 2.2% to end at 32,217.43, its highest close since July 1990 and posted its biggest daily gain since January 18.

The broader Topix (.TOPX) advanced 1.7% to 2,219.79.

The Japanese equities are in a better position than their U.S. counterparts as the Bank of Japan is expected to maintain ultra low rates and will hold a two-day policy meeting, starting June 15.

Japanese companies are also making efforts to boost shareholder returns.