“Investors both at home and abroad have changed their view of Japanese equities as their expectations have become generally high as companies attempt to improve their stock indexes,” said Shuichi Arisawa, chief executive. of investment research at Iwai Cosmo.
Shares of major chip-related companies followed gains in US semiconductor stocks, which boosted the Nasdaq index.
The Standard & Poor’s 500 and the Dow Jones closed Monday’s session with modest gains, while the Nasdaq rose 0.66%.
market performance
The broader Topix index at the Tokyo Stock Exchange rose 0.58% to close at 2,127.18 points, the highest level since August 1990.
The Nikkei index also extended its gains, rising 0.73% to 29,842.99 points, its highest closing level since November 2021.
Producers of chip-making supplies led the gains in the Japanese market, as “Tokyo Electron” jumped 4.23% and “Advantest” for manufacturing chip test equipment jumped 5.52% .
Recruit Holdings rose 3.46 to support the Topix index even after the employment agency announced a drop in its annual profit.
Utilities stocks rose 1.46% to lead the gainer among 33 sub-indexes on the Tokyo Stock Exchange. Pharmaceutical stocks rose 1.28%.
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