Japan's Nikkei Index Closes At Record High

Japan’s main Nikkei 225 stock index has closed at a record high of 40,913.65 due largely to buying of domestic automotive and technology stocks.

The index’s all-time high during intraday trading is 41,087.75 set on March 22 of this year. Its previous record close occurred on March 22 when it finished trading at 40,888.43.

The new record close in Japan comes with both the S&P 500 and Nasdaq Composite indices in the U.S. also at all-time highs.

Foreign and domestic investors are buying Japanese equities due largely to weakness in the Japanese yen currency, which is trading at a 34-year low against the U.S. dollar.

Changes to investment regulations in Japan have also attracted investors.

Earlier this year, Japan Individual Savings Accounts became tax-free investment options with the limits raised on how much money can be kept in such accounts.

Stocks that rose and helped push the Nikkei 225 to its fresh record include Mitsubishi Heavy Industries, up 3.8%, Nissan Motor (NSANY), up 4.5%, and Toyota Motor (TM), up 2%.

The Nikkei 225 index has gained 22.4% so far this year. The index boomed during the 1980s before collapsing in 1990 and languishing for nearly 35 years.

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