Japan’s Topix closes at 33-year peak and technology stocks rise

Japan’s broader Topix index closed at its highest level in more than 33 years on Friday, supported by Wall Street’s gains overnight, while technology stocks led gains after the strong initial public offering of SoftBank Group Inc’s ARM Holdings.

The Topix index rose 0.95 percent to close at 2,428.38 points, which is its highest closing level since June 1990, and rose 2.95 percent during the week.

The Nikkei index also jumped 1.1 percent to close at 33,533.09 points, the highest closing level since July 3, and rose 2.8 percent during the week.

US indices ended trading sharply higher overnight as strong economic data failed to change expectations that the Federal Reserve will keep its key interest rate unchanged next week.

Arm’s value reached nearly $60 billion after it was listed on the Nasdaq stock exchange overnight, with the chip design company’s stock rising nearly 25 percent on the first day of trading.

SoftBank Group shares rose as much as five percent earlier in the session, but pared gains to end trading up 2.08 percent.

Toyota Motor shares rose 2.67 percent, giving the largest support to the Topix index, followed by Sony Group shares, which rose 2.25 percent.

Tokyo Electron chip manufacturing equipment shares rose 3.11 percent.

All but four of the Tokyo Stock Exchange’s 33 sub-indices rose.

The utilities sector index rose 3.37 percent, becoming the best performer. The refinery sector index also jumped by four percent.

But the banking sector fell by 1.19 percent, becoming the worst performer.