Japan’s Nikkei closes at 33-year high; firm Wall Street lifts appetite

TOKYO: Japan’s Nikkei share average closed at its highest in 33 years on Monday as gains on Wall Street lifted risk appetite, while investors kept betting on domestic equities on expectations the Bank of Japan would retain its ultra-loose policy. The Nikkei index jumped 2.2% to end at 32,217.43, its highest close since July 1990 and posted its biggest daily gain since Jan. 18. The broader Topix advanced 1.7% to 2,219.79. “The market was supported by the gains in the US market on Friday. That helped keep the money flowing into risk assets in Japan,” said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.

The Japanese equities are in more favorable position than their US peers as the BOJ is expected to maintain ultra low rates.