February 7, 2023

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Nikkei records best year-end result since the 1980s bubble

Nikkei records best year-end result since the 1980s bubble

The Japanese “Nikkei” index recorded its highest closing level since the bubble of the 1980s at the end of the year, although there were fewer losses in light trading ahead of the four-day holiday.
The “Nikkei” index lost 0.40 percent, or 28,791.71 points, to close at about 12 points for each gain.
The broader “TOPIX” index fell 0.33 percent to 1992.33 points, but this year is the best end of the year since 1989, after rising 10.4 percent.
This year, the Nikkei rose 4.9 percent, supported by monetary and financial stimulus and optimism for a post-epidemic economic recovery, pushing equities to record levels globally this year.
“The back is good next year,” said Masahiro Ichikawa, chief market analyst at Sumitomo Mitsui DS Asset Management, which expects the Nikkei to cross 30,000 points by the end of March. He added, “Omicron does not appear to be a major shock to markets, and investors do not appear to be worried about the possibility of raising rates by two or three per cent through the Federal Reserve next year.”
However, every department of the Nikkei collapsed on Thursday. The biggest loss came after Fast Retailing, which operates Uniclo stores, fell 0.55 percent. Shares of Nintendo fell 2.03 percent and Kickoman fell 2.13 percent to make the sauce. Shares of SoftBank Group were the biggest gainer in terms of points on Thursday, rising 1.46 percent. Z Holdings, formerly known as Yahoo Japan, had the largest increase in terms of percent, with its shares rising 3.33 percent. (Reuters)

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