Nikkei Index Hits Record Intraday High, Surpasses All-Time Closing Peak
The Nikkei 225 index, the representative stock index of the Japanese stock market, surpassed the all-time closing high of 38,915 recorded at the end of 1989 during intraday trading on the 22nd.
![[Image source=AFP Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2024022210563572127_1708566995.jpg)
At around 10:16 a.m. that day, the Nikkei 225 index rose 662.72 points from the previous close to reach 38,924.88. This exceeds the all-time closing high of 38,915 recorded during the bubble economy period.
The Japanese stock market has continued its rally recently, supported by improved corporate earnings fueled by the weak yen, expectations of escaping deflation (falling prices amid economic stagnation), and corporate governance reforms by the Japanese government.
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Earlier, the Nihon Keizai Shimbun reported that the annual net profits of major Japanese listed companies with fiscal years ending in March are expected to set record highs for the third consecutive year. Bank of America (BoA) raised its year-end Nikkei index forecast from 38,500 to 41,000. It also raised its forecast for the TOPIX index from 2,715 to 2,850.
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