Nikkei soars 57% in 2013; highest in four decades
Foreign investors piled into the long-laggard Japanese market in 2013 as the government and central bank unveiled measures aimed at stoking the economy that sent the yen plummeting against the dollar and cheered exporters.
The benchmark Nikkei 225 index finished Monday up 0.69% at 16,291.31, about 57% higher than its 2012 close of 10,395.18. The broader Topix index of all first-section shares, up 0.95% on the day to 1,302.29, soared nearly 52% from a year ago.
“This has been a boom year—it’s been a long time since we’ve seen such a robust performance,” said Hikaru Sato, a senior technical analyst at Daiwa Securities.
“The rise beat most investors’ expectations and many seem to think it will be another boom next year.”
The Japanese currency has lost about a fifth of its value against the greenback since the start of the year, providing a much-needed boost to exporters such as Sony and Toyota, whose goods become more competitive overseas.