Japan Market ends at fresh 30-year high

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Japan share market finished session higher on Wednesday, 10 February 2021, after recouping earlier losses and extending its winning streak to a third market day, thanks to buying in companies that have reported better than expected earnings. However, market gains capped as investor concerns over market overheating after both the Nikkei and Topix indexes rewrote their respective 30-year highs.

At closing bell, the 225-issue Nikkei Stock Average advanced 57 points, or 0.19%, to 29,562.93, its highest closing since Aug. 1990. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased 5.28 points, or 0.27%, to 1,930.82, the highest since June 1991.

Shares of Toyota and auto-parts supplier Denso gained after start-up Aurora announced it will collaborate with the firms to “build and globally deploy self-driving cars at scale.” Aurora bought Uber’s self-driving unit in December 2020.

Shares of Nissan surged after CEO Makoto Uchida reaffirmed the importance of electric vehicles to its future and said that the firm will be looking to electrify 100% of all its new vehicle offerings “from the early 2030s in key markets.” Nissan Motor reported a net loss for the first nine months of the year, but trimmed its loss outlook for the full year.

CURRENCY NEWS: The Japanese yen traded at 104.53 per dollar, having strengthened significantly from levels above 105.2 against the greenback seen earlier in the trading week.

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