© Reuters. FILE PHOTO: A passerby walks past an electric monitor displaying various countries’ stock price index outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato/File Photo
By Brigid Riley
TOKYO (Reuters) – Japan’s benchmark got off to a roaring start on Friday, opening the morning session at its highest since Japan’s economic bubble burst in the late 1980s.
The Nikkei share average was last up 1.6% at 38,769.64, surpassing the post-economic bubble era high of 38188.74. So far it’s up 14.0% for the year.
The broader was up 1.1% at 2620.53.
The Nikkei was within touching distance of the all-time record high of 38,957.44 hit in December 1989.
The stock market was buoyed by a strong day on Wall Street overnight. U.S. stocks closed higher as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months.
The largest percentage gainers in the index were Advantest Corp up 4.91%, followed by Tokyo Electron Ltd gaining 4.74% and Resonac Holdings Corp up by 4.32%.