The TOPIX Index Closes Near a Month-High

Japanese stocks rose on Tuesday, July 13th, with the broader TOPIX index nearing its highest level in nearly a month, after markets recovered from last week’s sell-off, while a host of corporate results awaited to extract fresh clues about the health of Japan’s economy.

The Nikkei index closed up 0.52% at 28718.24 points, while the TOPIX index rose 0.73% to record 1967.64 points, the highest level since June 16.

Both indices quickly recovered from last week’s losses, which many investors attributed to delta concerns as well as big sales of dividend-linked exchange-traded funds.

A large number of stocks rose, and only four of the 33 sector sub-indices on the Tokyo Stock Exchange declined.

Gains were led by cyclical and value-focused stocks, including shipping, brokerage, and insurance companies.

Value-focused stocks outperformed 1.1%, compared to 0.4% gains for growth stocks.