TOPIX Index Hits Highest Level in 4 Trading Days... Above 2900
The Nikkei 225 average price index, a representative stock index of the Japanese stock market, hit an all-time high for the second consecutive day.
On the 10th, the Nikkei index closed at 41,831.99, up 0.6% from the previous session.
Following the record high closing price the day before, it broke the record for the second consecutive day.
The Nihon Keizai Shimbun (Nikkei) analyzed that overseas investors, who find it easier to take on operational risks due to the continued rally in technology stocks in the U.S. stock market, have started buying Japanese stocks. In addition, buying momentum in financial stocks such as insurance and banking was prominent in the morning. In the afternoon, while the rise in financial stocks calmed down, large-cap stocks such as Fast Retailing, which operates Uniqlo, and semiconductor manufacturing equipment company Tokyo Electron expanded their gains.
The Nikkei explained that the announcement of a large-scale share buyback by Japanese talent recruitment service company Recruit Holdings also positively influenced stock prices by raising expectations for corporate shareholder returns. Recruit Holdings announced after the market closed the previous day that it would buy back 87 million shares, equivalent to 5.67% of issued shares, worth 600 billion yen (approximately 5.1457 trillion won). As part of this, it purchased treasury shares worth 79.1 billion yen (approximately 67.84 billion won) in the morning of that day.
The TOPIX index, which targets companies listed on the First Section of the Tokyo Stock Exchange, also hit a record high for the first time in four trading days. It closed at 2,909.22, up 0.5% from the previous day, marking the first time it surpassed the 2,900 level.
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