The Japanese Nikkei stock index broke its all-time record for the second session in a row. On February 26, it was 0.35% higher than the trading figure that broke the 1989 “everlasting record.” Reuters writes about this.
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The Japanese Nikkei index on Monday reached record highs for the second trading session in a row. This was supported by optimistic results in the pharmaceutical sector, although profit-taking limited shares' gains.
At the close of trading on February 26, the key index of the Tokyo Stock Exchange reached 39.233, up 135 points, or 0.35%, from the previous year. close of business on Thursday, February 21.
On Monday, the broader Topix index rose 0.49% to 2,673.62 points. Due to the leadership of the pharmaceutical sector, the corresponding Topix sub-index rose by 2.5%.
Shares of the pharmaceutical giant Chugai Pharmaceutical rose by 6.37%, and shares of Daiichi Sankyo rose by 3.86%.
Technology stocks retreated from recent highs.
On Thursday, the Nikkei index broke an all-time record set more than 34 years ago, in 1989, at the peak of the Japanese economic bubble. Since the beginning of 2024, it has risen by 16.8%.
The Nikkei rally on February 21 was driven by the weakening of the national currency (which plays into the hands of Japanese importers and makes company shares cheaper and more attractive to foreign investors) and the growth of technology companies , first of all Nvidia.