Nikkei Index Hits Highest in 30 Years and 6 Months... Optimism for Early Implementation of US Stimulus Package (Comprehensive)

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Nikkei 225 index on the Tokyo Stock Exchange in Japan closed at 29,000 for the first time since August 3, 1990. This marks a period of 30 years and 6 months. The rise is attributed to investor sentiment being stimulated by the rollout of COVID-19 vaccines and expectations for the early implementation of additional U.S. economic stimulus measures.

On the 8th, the Nikkei 225 index on the Tokyo Stock Exchange closed at 29,388.50, up 2.12% (609.31 points) from the previous trading day. During the session, it reached as high as 29,407.00, marking the highest level in 30 years.

Earlier, on the 5th, the U.S. House of Representatives passed a resolution following the Senate that allows the Democratic Party to independently process a budget bill including President Joe Biden's $1.9 trillion (approximately 2,134.65 trillion KRW) 'COVID-19 economic stimulus package,' raising expectations for the early realization of the stimulus measures.

Additionally, on the 7th, U.S. Treasury Secretary Janet Yellen stated that "if the stimulus package passes, there is a possibility that the U.S. will achieve full employment next year," supporting President Biden's stimulus plan and further stimulating investor sentiment.

The TOPIX index closed up 1.75% (33.00 points) at 1,923.95.

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