Japan’s Nikkei Rose For a Fourth Day And Closed at a 29-Year High

The Japanese benchmark Nikkei stock index closed today, Friday, at its highest level since April 1991, as it rose for the fourth consecutive session, supported by hopes for economic recovery and strong business results, after progress in developing the Covid-19 vaccine.

The Nikkei rose 0.41% to close at 26,644.71 points. The index gained 15.96% this month. The broader Topix index rose 0.47% to reach a 25-month high of 1,786.52 points.

On a weekly basis, the indices rose 4.38% and 3.42%, respectively.

The increase was supported by progress in vaccine-related developments, as many investors expect to deliver them next year.

Sentiment was also boosted by the decline of political uncertainty in the United States after President-elect Joe Biden’s move to the White House, and indications of an improvement in China’s economy.

Shares in electronic parts manufacturers have benefited from increased demand hopes for electric cars, 5G communications and other new technologies.

According to data from the Japanese Stock Exchange Group, foreign investors bought Japanese stocks at about 600 billion yen, in the third consecutive week of net buying.