Japan’s Nikkei closes at a 32-year high

Japanese stocks rose on Friday, with the Nikkei index closing at its highest level in three decades, after the US House of Representatives approved raising the debt ceiling and on the back of indications that Bank of Japan officials are in no rush to tighten monetary policy.

SoftBank Group shares rose 4.3% on speculation that the company’s chip unit would benefit from a boom in investment in artificial intelligence.

T & D Holdings also jumped 4.28 percent, leading insurance stocks, as the risk of a financial catastrophe resulting from a US default on its debt dissipated.

The Nikkei index rose 1.21 percent to 31,384.93 points, the highest closing level since July 1990. The broader Topix index rose 1.55 percent to 2,182.70 points.

Bank of Japan Governor Kazuo Ueda told lawmakers the central bank had no time frame for achieving its 2 percent inflation target.

The Nikkei average rose 2 percent over the past five sessions, marking its eighth consecutive week of gains.