Nikkei Scales Fresh All-Time Closing High

Tokyo, Sept. 25 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average hit an all-time closing high for the third consecutive trading day on Thursday, partly thanks to a yen’s weakening. The Nikkei gained 124.62 points, or 0.27 pct, from Wednesday to end at 45,754.93. The broader TOPIX stock index ended up 14.90 points, or 0.47 pct, at 3,185.35, posting a record closing high for two days in a row. Chip-testing device manufacturer Advantest, a heavily weighted component of the Nikkei, met with selling after U.S. high-tech issues fared poorly Wednesday, weighing on the key yardstick, market sources said. Selling to lock in profits also capped the Tokyo market’s topside, according to the sources. Still, when the Nikkei slipped into negative territory, “investors who have failed to catch up with the market’s recent bull run moved to buy on dips,” an official at a major securities company said. The yen’s depreciation was also a factor supporting the stock market, brokers said. In Tokyo currency trading, the dollar stood at 148.77-78 yen at 4 p.m. Thursday, up from 148.04-05 yen at 5 p.m. Wednesday. In addition, stock purchases grew ahead of Friday, the final trading day for the right to interim dividends and shareholder benefits from listed companies closing their fiscal first half at the end of September, market sources said. “Buying for dividends is supporting the key stock indexes,” an official at a bank-affiliated securities firm said. END [Copyright The Jiji Press, Ltd.]