Japan's Nikkei share average rallied on Friday to the highest since August 1990, the country's so-called 'bubble' era, driven by a confluence of positive factors from strong earnings to optimism over a U.S. debt ceiling deal.
Passersby walk past an electric monitor displaying Japan's Nikkei share average and recent movements outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato
TOKYO, May 19 - Japan's Nikkei share average rallied on Friday to the highest since August 1990, the country's so-called "bubble" era, driven by a confluence of positive factors from strong earnings to optimism over a U.S. debt ceiling deal.jumped as high as 30,924.57 shortly after the open, on course for a seventh straight winning session, after smashing through the psychological 30,000 level on Wednesday for the first time in 20 months.
Japan's stock rally has been powered by a string of strong corporate results, a weaker yen amid views that the Bank of Japan will keep stimulus for longer and anthat is starting to show signs of a post-COVID consumption revival. Foreign buying thanks to increased investment by Warren Buffett and a push for better corporate governance by the Tokyo Stock Exchange also provided some impetus.
The Nikkei's final push to a 33-year peak drew additional momentum from gains in global stocks, as investors turned more optimistic that U.S. lawmakers can soon reach a deal to raise the debt ceiling and avert a potentially catastrophic default. The Nikkei had rocketed 6.2% from the May 10 close - when sweeping rally began - to reach Friday's high. It was last up 0.72% at 30,794.32."Investors are going to spend today thinking hard about whether this Nikkei rally will continue," said Kazuo Kamitami, an equity strategist at Nomura Securities. "The word 'overheated' is going to be very much front of mind."They had started the session very strongly amid a rally in U.S.
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