Nikkei index rises to highest level in 34 years

Japan’s Nikkei index rose to its highest level in 34 years on Friday and is on the cusp of surpassing the all-time high reached at the height of Japan’s economic bubble during the 1980s.

The index broke the highest level of the post-bubble economic era, which was 38,188.74 points, which puts it on the path to surpassing the all-time high of 38,957.44 points, which was recorded in December 1989.

The Nikkei rose 0.86 percent to 38,487.24 points at close, bringing the index up 14 percent since the beginning of this year.

Of the 225 stocks listed on the index, 190 stocks rose and only 34 declined.

The broader Topix index rose 1.27 percent to 2,624.73 points at close.

The Japanese stock market received support from Wall Street’s rise on Thursday night, and stocks with a heavy weight on the Nikkei index rose.

Toyota Motor shares increased 0.95%, Fast Retailing shares rose 1.08%, and Recruit Holdings shares gained 4%.

Tokyo Electron semiconductor equipment maker shares rose during the day, achieving modest gains of 0.4 percent.

Bandai Namco Entertainment Holdings shares recorded the best performance, rising 8.05 percent after faltering the previous day.

The Topix sub-index for oil and coal products rose 3.96 percent to reach the top after a short jump in oil prices on Thursday night.