Japan’s Topix index hits 34-year peak

Japan’s Topix stock index rose to its highest level in 34 years on Friday, with banks rising amid a gradual rise in domestic bond yields and technology stocks rebounding from a sell-off the day before.

Topix ended the day up 0.57% to 2,809.63 points, after previously reaching its highest levels since the asset bubble in the country in January 1990, and recording 2,821.86 points, according to Reuters.

The Nikkei index rose 0.61% to 29,583.08 points, offsetting most of Thursday’s decline of 0.82%.

Of the 225 components of the Nikkei Index, 148 stocks rose compared to 76 stocks falling, with one stock remaining flat.

Maki Sawada, a stock strategy at Nomura Securities, said that the release of the US inflation index expected later in the day and the French elections at the weekend gave investors reasons for caution.

The insurance and banking sectors were the best performers on the Tokyo Stock Exchange, rising by 2.71% and 2.44%, respectively.