Japan's Topix index rose to its highest level in more than three decades, while the Nikkei index also jumped, as investors continued to buy undervalued shares on the hope of a quick economic recovery and a positive outlook for companies.
According to Arabiya Net, the Nikkei record profit of 1.83% to close at 29659.89 points, while the broader Topix index jumped 1.28% to 2041.22, the highest closing level since August 1990 .
The Japanese market benefited from its positive momentum on Friday, when Prime Minister Yoshihide Suga tendered his resignation, raising hopes that the ruling coalition might win the upcoming elections and avoid political turmoil.< /p>
Soichiro Matsumoto, head of Japan investments at Credit Suisse Private Banking, said investors are now in the process of adjusting their positions in Japanese stocks, which were below market weight, due to a lower rate Vaccination in the country and a new rise in Covid-19 infections.
All but four of the 33 sector sub-indices on the Tokyo Stock Exchange rose, while the shipping sector rose 8.49%.
Chip-related stocks tracked the Nasdaq, which hit a peak on Friday. Tokyo Electron rose 2.43%, while Advantest gained 2.56%.
The shares of phone companies, which were under pressure to cut prices during the Suga government, also increased, while KDDI jumped 3.64% and Nippon Telegraph & Bank gained 3.64%. Telephone 3.67%. They were the best performing stocks among the 30 major stocks on the TOPIX index.
The worst performing stock among Topix stocks was Central Japan Railway Company, which fell 0.35%, followed by Seven & I Holdings, which fell 0.22%.
