'High-Flying' Japan Nikkei Index Closes Above 26,000 for the First Time in 29 Years (Comprehensive)

Closed at 26,014.62 on the 17th... Vaccine Development Hopes and Impact of US Stock Market

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Nikkei 225 index in Japan, which has been on a soaring run, surpassed the 26,000 mark for the first time in 29 years.

On the 17th, the Nikkei 225 index closed at 26,014.62, up 0.42% (107.69 points) from the previous trading day on the Tokyo Stock Exchange. This is the first time the Nikkei 225 has exceeded 26,000 since May 1991, 29 years ago.

The Nikkei 225 has risen on 10 out of 11 trading days this month. On this day as well, it surpassed 26,000 at the market opening and continued its upward trend. The news of Moderna's development of a COVID-19 vaccine in the U.S. New York stock market led the Dow Jones Industrial Average to hit a new high, which appears to have influenced the Japanese stock market.

According to the Nihon Keizai Shimbun, this weakened investors' risk-averse sentiment, leading to selling centered on economically sensitive stocks such as airlines and steel. It also added that short-term foreign investors and individual investors contributed to the stock price rise.

The TOPIX index closed at 1,734.66, up 0.16% (2.85 points).

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