TOKYO: Japan’s Nikkei share average ended higher on Monday as local investors found comfort from recent US data that signalled strong business activity in the world’s largest economy.
A measure of US business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump’s administration next year.
The Nikkei rose 1.3% to close at 38,780.14 on Monday. The index touched an intraday high of 39,053.64, crossing the 39,000 level for the first time since Nov. 15.
The broader Topix gained 0.71% to 2,715.6.
“Overseas factors are important for Japanese stocks now as we have not seen much market-moving catalysts within Japan,” said Fumio Matsumoto, chief strategist at Okasan Securities.
Wall Street closed higher on Friday, with all three major indexes posting weekly gains, following the release of the business data.
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