Nikkei Hits Record High as Automaker Rally Boosts Market

Japan’s Nikkei index reached an all-time high on Friday, propelled by record gains on Wall Street and a surge in automaker stocks driven by a weakening yen.

The Nikkei climbed 0.18 percent to close at 40,888.43, briefly touching 41,087.75 during the session, surpassing its previous peak. This milestone comes as the index gained 5.68 percent over the week and soared 22 percent since the year’s start.

Meanwhile, the broader Topix index advanced 0.61 percent to 2,813.22.

Bank of Japan Governor Kazuo Ueda reaffirmed the bank’s commitment to supporting the economy through accommodative monetary policies, further bolstering market sentiment.

The depreciation of the yen has provided a boost to exporters, with Toyota Motor shares rising 1.92 percent and Suzuki Motor jumping 3.63 percent, contributing significantly to the Nikkei’s gains. The automaker index surged 1.72 percent.

Additionally, shares of automobile tire manufacturers saw a notable increase of 2.41 percent, the highest among the 33 industry sub-indices on the Tokyo Stock Exchange.

However, chip-related stocks faced some pressure, with Advantest declining 2.93 percent and Tokyo Electron edging down 0.03 percent.