Nikkei Closed at Its Highest Level in 30 Years, Supported by Optimism After Biden’s Inauguration

Japanese stocks rose to a 30-year high at the close, on the path of a strong performance for Wall Street stocks yesterday, thanks to investor optimism about positive corporate earnings as well as expectations of enhanced growth due to a huge stimulus package from the new US administration.

The Nikkei index gained 0.8% to 28,756.86 points, its highest closing level since August 1990. The broader Topix index rose 0.6% to 1,860.64 points.

The Republicans indicated their desire to cooperate with President Joe Biden in his administration’s top priority, a $ 1.9 trillion fiscal stimulus plan, although some of them opposed this value.

Asian stocks touched all-time highs as investors hope that more economic stimulus from the Biden administration will offset the damage caused by the Corona pandemic.

Many companies are preparing to announce their quarterly reports from Monday. Nedec Corp., which has increased more than 10% this month, will be the first company to announce its results.