Japan’s Nikkei closes at highest level since 1991

Tokyo's key Nikkei index closed up on Friday, hitting its highest stage since 1991, regardless of continued uncertainty over the result of the US presidential election, Report says, citing TASS.

The Nikkei 225 index benchmark gained 0.91pc or 219.95 factors to finish at 24,325.23, the very best stage since November 1991. Over the week, the index rallied 5.9pc.

The broader Topix index closed up 0.52pc or 8.55 factors at 1,658.49. Over the week, the index climbed 5pc.

Japanese indices began in the dangerous territory, adjusting current positive factors and reacting to a stronger yen in opposition to the greenback.

Prices in Tokyo were affected by growth on US trading floors due to easing concerns about higher corporate taxes and stricter rules against tech giants. However, investors continue to be in a state of uncertainty due to delays in counting votes in the US presidential election and unclear forecasts about a candidate's victory.

The Japanese currency strengthened against the dollar by about 1 yen and is trading at 103.54 yen per dollar. Investors are buying up the Japanese currency, fearing possible fluctuations in the dollar due to the US election.
Positive trends in the market were also supported by the publication of financial reports of major Japanese automakers. In particular, despite a reduction in profit in the first half of the current financial year (from April to September), Toyota Motor adjusted its profit forecast for the full year. Instead of 60%, the company expects a drop in profits by only 30%, explaining as a crisis due to the coronavirus pandemic. Against this background, Toyota Motor shares rose 2.3% to 7,148 yen per share.