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HomeLatest NewsGlobal NewsNikkei's Fiscal-Year Triumph: Largest Point Increase Signals Market Strength

Nikkei’s Fiscal-Year Triumph: Largest Point Increase Signals Market Strength

Nikkei share average rose on Friday, posting a record fiscal-year gain in terms of points due to heavy foreign buying. The rally was supported by foreign buying on a weaker yen and expectations of the Bank of Japan’s loose monetary policy.

The Nikkei index saw its biggest gain in the fiscal year ending on Friday, rising 44%, marking the most since March 2021. The index ended up 0.5% at 40,369.44, recouping losses from the previous session. Despite cautious investors, the weak yen is seen as a positive factor for domestic stocks.

The yen hit a 34-year low against the dollar, prompting an emergency meeting, indicating Tokyo’s potential intervention in the market. Tokyo Electron and Advantest saw 0.79% and 1.85% rises, respectively.

The property sector in Japan experienced a 1.96% increase, adding 16% this month, the most among sectors. This is supported by a government survey showing land prices rose at the fastest pace in 33 years in 2023. The broader Topix rose 0.61% to 2,768.62.

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