Nikkei Index Hits Highest in 29 Years... Surpasses 26,000 Mark

[Image source=EPA Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Nikkei 225 index on the Tokyo Stock Exchange in Japan closed at its highest level in 29 years, fueled by expectations of the early distribution of the COVID-19 vaccine.

On the 24th, the Nikkei 225 index on the Tokyo Stock Exchange rose 2.5% (638.22 points) from the previous day to close at 26,165.59. This is the highest level since May 1991, about 29 years ago.

The increased likelihood of early COVID-19 vaccine supply has been interpreted as a driving force behind purchases across a wide range of stocks, based on expectations that economic activities worldwide will return to normal.

Additionally, the nomination of Janet Yellen, former Chair of the Federal Reserve Board (Fed), as the next U.S. Treasury Secretary by President-elect Joe Biden was also analyzed to have positively influenced investor sentiment.

On the same day, the TOPIX index closed at 1,762.40, up 2.03% (35.01 points) from the previous day.

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