TOYKO: Japan’s benchmark Nikkei 225 finished at its highest closing level since December 1996, rising for a fourth straight session.
The average finished 0.3 per cent higher at 20,868, aided by consumer staple stocks and telecoms. Earlier in the day it was up 0.7 per cent at 20,952, its highest intraday level since December 1996.
The yen weakened for a third straight session to 123.98 per dollar, giving multinationals and export stocks a lift.
But the larger driver is an uptick in global sentiment: Asian stocks rose across the board on Wednesday after another bullish session in Europe, as investors are optimistic that a deal will be reached between Greece and its creditors.
The 2015 gain for the Nikkei 225 is now nearly one-fifth. Since it became clear Shinzo Abe would win national elections in October 2012, the average has leapt by 144 per cent.
The Nikkei is nowhere near an all-time record though: It’s still roughly half the peak hit in the bubble era a quarter of a century ago. The Nikkei closed at a record 38,915.87 on December 29, 1989, before the bursting of the asset bubble that led to Japan’s economic “lost decade”.
