Japan stocks rise for third straight day
Japanese stocks edged up for a third day, boosting the Nikkei 225 Stock Average to levels last reached during the country’s bubble economy over 30 years ago.
Fanuc Corp. and KDDI Corp. were the chief contributors with a gain of as much as 1.1% in the Nikkei 225 during Tokyo’s morning trading. The blue-chip index went up to as high as 30,795.78, overtaking this year’s previous record high in February before shedding much of those gains.
Electronics makers made the biggest contribution to the broader Topix, which rose as much as 0.9%.
Japan has been the global top-performing stock market for more than the past two weeks amid hopes of new leadership, a boost in vaccination rate, and a reshuffle in the Nikkei 225 to include Nintendo Co., Keyence Corp., and Murata Manufacturing Co.
The Nikkei has now added about 12% for the year, with the Topix enjoying a 17% gain. That compares with a 19% increase for the S&P 500 Index and 17% gain for the STOXX Europe 600 Index.