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Japan’s Nikkei Index Crossed 30000 Mark for 1st Time since 1990

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Japan’s Nikkei stock index surpassed the 30,000 mark for the first time in over 30 years.

The index was boosted by gains made on Wall Street late last week, solid domestic earnings and Japan’s first COVID-19 vaccine approval for domestic use.

225-issue Nikkei Stock Average, which has risen more than 6 percent this month, hit 30,006.46, its highest level since Japan’s asset-inflated bubble economy period.

As of 10 am (local time), rose 331.45 points, or 1.12 percent, from Friday to 29,851.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.08 points, or 0.73 percent, at 1,947.96, Kyodo News reported.

Meanwhile, gainers were led by mining, oil, coal product and securities house issues.

However, Yutaka Miura, senior technical analyst at Mizuho Securities Co, remarked that with the Nikkei index having hit the 30,000 threshold, the benchmark is expected to lose steam on some sense of accomplishment.

Japan’s GDP in the October-December period grew a real 3.0 percent, or an annualized 12.7 percent, from the previous quarter.

At 10 am (local time), the dollar fetched 105.07-08 yen compared with 104.87-97 yen in New York and 104.92-93 yen in Tokyo at 5 pm on Friday.

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