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Japan’s Nikkei closes at highest level since 1991

Tokyo’s key Nikkei index closed up on Friday, hitting its highest level since 1991, despite continued uncertainty over the outcome of the US presidential election.

The benchmark Nikkei 225 index gained 0.91pc or 219.95 points to end at 24,325.23, the highest level since November 1991. Over the week, the index rallied 5.9pc.

The broader Topix index closed up 0.52pc or 8.55 points at 1,658.49. Over the week, the index climbed 5pc.

Japanese indices started in negative territory, adjusting recent gains and reacting to a stronger yen against the dollar.

“But investors later resumed bargain-hunting purchases on the backdrop of easing uncertainties over the US presidential election,” Okasan Online Securities said in a commentary.

US President Donald Trump erupted in a tirade of unsubstantiated claims that he is being cheated out of winning the US election as vote counting across battleground states showed Democrat Joe Biden closing in on victory.

But the outburst did little to move the market in Tokyo.

The dollar traded at 103.58 yen in Asian trade, against 103.55 yen in New York and 104.30 yen in Tokyo late on Thursday.

In Tokyo, Toyota ended up 0.50pc at 7,019 yen after it said it almost doubled its full-year forecasts, saying sales and production were recovering quickly from the coronavirus pandemic.

Its smaller rival Honda was up 2.51pc at 2,589.5 yen before releasing earnings after the closing bell.

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