The Nikkei stock index hit a nearly 34-year high for the second day in a row. This happened because the Japanese yen became weaker compared to the U.S. dollar, which made people want to buy more goods from Japan. The Nikkei Stock Average and the broader Topix index also finished at their highest since the 1990s. This was good for companies that make precision instruments, pharmaceuticals, and electrical appliances.
The Tokyo stock market didn’t do as well as the U.S. stock market last year. But recent good news about a new Alzheimer’s treatment from the company Eisai helped lift Japanese stock prices even more. The dollar also became stronger compared to the yen, which made Japanese products look more attractive to buyers overseas. This is especially good for car and electronics companies, like Toyota and Olympus, which also saw increases in their stock prices.
Experts said that the weaker yen and confidence in the market are the main reasons for the increase in stock prices. The good news about the Alzheimer’s treatment also helped. Overall, this was a good day for the Japanese stock market.
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