Nikkei index hits 3-decade peak after BOJ adhered to monetary ‎easing

The Japanese Nikkei index rose to its highest level in three decades and achieved gains for the tenth week in a row today, Friday, as investors welcomed the Japanese Central Bank’s adherence to the monetary easing policy without change.

According to “Reuters”, the Bank of Japan fulfilled its pledge to continue the massive stimulus of the economy. The Nikkei index rose 0.7 percent to 33,706 points at the close, after touching a 33-year high in late trading.

The index achieved weekly gains of 4.5 percent, and for ten consecutive weeks it rose 22 percent, marking the longest period of rise in 11 years.

The broader Topix index rose 0.3% on Friday and 3.4% for the week. The yen fell slightly, while government bond yields rose somewhat following the Bank of Japan’s comments

Financial stocks recorded the weakest performance, as low interest rates and the possibility of them remaining low keep bank lending margins weak.

Canon shares rose 4.9 percent, to its best close in five years, after the imaging equipment company announced a share buyback.

The shares of the two competing companies, Olympus, rose 4.5 percent, and Nikon 3.8 percent.

Travel and FMCG companies did well

Japan Airlines shares rose more than 4 percent to a three-year high. Cosmetics maker Shiseido rose 5.2 percent

Among the biggest losers were lens maker Hoya, whose share fell 2.4 percent, and Tokyo Railways, which completed a share buyback on Tuesday, with its shares down 2.5 percent.