Nikkei 225 index

Japan’s Nikkei crosses 39000 barrier for the first time

Japan’s Nikkei 225 hit a record high of: 39098 on Thursday 22nd February 2024.

The rally was propelled by electronics, banking and consumer stocks as robust earnings and investor-friendly measures fuel a blistering rally in Japanese equities.

The Nikkei 225 jumped 2%, surpassing the previous record high of 38,915.87 reached in 1989.

Standout performance

Both the Nikkei and the broader Topix have been standout performers in Asia up more than 10% so far in 2024 after surging more than 25% in 2023. Their best annual gains in at least a decade.

Japan Inc’s solid third-quarter corporate earnings have prompted Bank of America analysts to upgrade their 2024 year-end forecasts for the Nikkei 225 to 41000 from 38500. They raised their forecasts for the Topix to 2,850 from 2,715.

The rally has also been supported by a weaker yen.

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