Japan’s benchmark Nikkei 225 index extended to a six-year high, rising higher than 16,000; the highest since 2007 and revealing the world’s largest economy is recovering.
The motor manufacturers, Mitsubishi Motors saw the most gains on the Nikkei 225, climbing 4.3% higher to 1,099 yen, driven by the boost in its net income forecast by 43% to 100 billion yen.
While NKSJ Holdings gained 1.8%, after Nomura Holdings increased its price target from 2,900 yen to 3,300 yen.
The Nikkei 225 gained 0.1% to 15,889.33, marking its highest close since December 2007. The Tokyo Topix index dropped 0.3% to 1,257.55 as the yen weakened 0.1% to 104.22 per dollar.
The International Money Fund (IMF) is increasing its outlook for the world’s largest economy, following the Federal Reserve’s (Fed) decision to start tapering its monthly asset purchases and the recent budget agreement that was finalized in Washington, Managing Director Christine Lagarde said in an interview with NBC. In October, IMF forecasted the world’s largest economy would increase by 2.6% by next year.
The Tokyo Stock Exchange Mothers Index lost 2.2% on Tuesday, while the Jasdaq Stock Index dropped 1%.
Tokyo Electric Power was among the stocks that dropped, slipping from 2.3% to 510 yen. According to a statement released from the utility, Tepco found radioactive water leaks near storage tanks at its Fukushima Dai-Ichi nuclear plant.
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