Japan’s Nikkei index closes at its highest level in 5 months

Japan’s Nikkei closed at its highest level in more than five months on Wednesday, reaching 33,675.94 points, marking the highest closing level since July 3. The index rose by 1.37 percent. The broader Topix index also experienced gains, rising by 0.67 percent to reach 2,349.38 points.

Investor caution over the Bank of Japan’s policy stance seemed to fade, as the central bank gave no indications of when it might abandon its negative interest rate policy. The Bank of Japan maintained its ultra-loose monetary policy, a move widely anticipated by the market.

Fast Retailing, the owner of the Uniqlo clothing brand, saw a significant rise of 3.92 percent, contributing the most to the Nikkei index. Other notable gains included a 4.08 percent jump for silicon chip maker Shin-Etsu Chemical and a 3.1 percent increase for air conditioner maker Daikin Industries.

The shipping sector stood out as the biggest gainer among 33 sector sub-indices on the Tokyo Stock Exchange, rising by 3.16 percent.

These movements in the Japanese stock market suggest a positive response from investors following the Bank of Japan’s decision to maintain its accommodative monetary policy.