Japanese stocks rose to a 30-year high today, Tuesday, as progress in the distribution of anti-virus vaccines boosted expectations that the global economy is on the verge of a strong recovery.
The benchmark Nikkei index rose 1.28 percent to 30,467.75 points, to close at its highest level since August 1990.
The broader “Topix” index rose 0.57 percent to 1,965.08 points, and during the session, it reached its highest level since June 1991.
Japanese stocks followed the impact of the rise of global stock markets in a rapid rally, as money flows into high-risk assets in anticipation of a rapid improvement in economic growth and corporate profits, but analysts are concerned that the recent gains will not last.
Moreover, Bank of Japan Governor Haruhiko Kuroda said today that the latest rally in stocks is a reflection of global expectations, ignoring views that the bank’s monetary policy is feeding a bubble.
SoftBank Group topped the list of gainers among the 30 major stocks on the “Topix” index, up 4.15 percent, followed by “Hoya Corp”, which rose 3.79 percent.