Japan's main stock indexes closed at record highs on Thursday, led by gains in shares of automakers, banks and technology firms, as a robust corporate outlook for the latter half of 2024 emerged in the market.
The broader Topix index hit a record high, surpassing its previous peak from 34 years ago. It rose as high as 2,900.91 earlier during trading hours and ended the day 0.92% higher, at 2,898.47 to exceed the December 1989 record.
"The Topix needed power from automakers and banks to rise as they take up a large portion in the index's weighting," said Yugo Tsuboi, chief equity strategist at Daiwa Securities. "Bank shares rose along with the expectations that interest rates will rise and automakers were supported by a weak yen."