Japan’s Topix closes at its highest level in 33 years

Japan’s broader Topix index closed at its highest level in more than 33 years on Friday, supported by Wall Street’s gains overnight, while technology stocks led gains after the strong initial public offering of SoftBank Group’s subsidiary ARM Holdings.

According to Reuters, the Topix index rose 0.95% to close at 2,428.38 points, which is its highest closing level since June 1990, and rose 2.95% during the week.

The Nikkei index also jumped 1.1% to close at 33,533.09 points, which is the highest closing level since July 3, and rose 2.8% during the week.

“First of all, the market rose because Wall Street was strong,” said Shoichi Arisawa, general manager of the investment research department at Iwai Cosmo Securities.

He added, “Arm’s strong initial public offering boosted investor sentiment and prompted them to buy chip-related stocks.”

American indices ended trading at a sharp rise overnight, as strong economic data failed to change expectations that the Federal Reserve will keep the key interest rate unchanged next week.

The value of Arm Company reached approximately $60 billion after it was listed on the Nasdaq Stock Exchange overnight, with the chip design company’s shares rising approximately 25 percent on the first day of trading.

SoftBank Group shares rose by as much as 5% earlier in the session, but pared gains to end trading up 2.08%.

Toyota Motor shares rose 2.67 percent, giving the largest support to the Topix index, followed by Sony Group shares, which rose 2.25 percent.

Tokyo Electron chip manufacturing equipment shares increased 3.11 percent.