Japan's Nikkei, Topix hit multi-decade peaks as global stocks charge higher

  • Reuters
  • Stock Market News
Japan's Nikkei, Topix hit multi-decade peaks as global stocks charge higher
Credit: © Reuters.

* Insurers, financials, securities firms soar

* Nissan, Japan Display buck uptrend and skid

* Weaker yen, Wall Street rally support Japan stocks

TOKYO, Nov 9 (Reuters) - Japan's Topix index rose to a 26-year high on Thursday, while the Nikkei share average broke the 23,000 level for the first time since January 1992 as financial and securities shares rallied.

The Topix .TOPX was up 1.4 percent at 1,843.31 at the end of morning trade, after earlier rising as high as 1,844.05, its loftiest level since November 1991.

The Nikkei .N225 jumped 2 percent to 23,368.16.

On Wall Street on Wednesday, all three major indexes closed at record highs, buoyed by rallying video game makers. .N

"The yen is a little weaker on the day but off recent lows, so we can say that today's gains and index milestones have more to do with overseas markets," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust.

The dollar was up 0.2 percent at 114.04 yen JPY= , off its eight-month high of 114.737 touched on Monday. FRX/

Financial and securities shares were among strong gainers, with the securities subindex .ISECU.T up 2.8 percent and the financials subindex .IFINS.T up 2.4 percent. The insurance subindex .IINSU.T rose 2.3 percent.

Pasona Group 2168.T shares soared 12.4 percent, after Oasis Management Company, Hong Kong-based fund, released its reform proposal for the Japanese personnel company's business strategy and governance structure, which it sent to Pasona's Board of Directors and management.

The fund said that if Pasona did not respond to constructive dialogue to fulfil its responsibility to shareholders, a managed buy-out would be one option.

Nissan Motor Co 7201.T bucked the trend, its shares falling 1 percent after the automaker on Wednesday forecast an operating profit of 645 billion yen ($5.66 billion) for the year to March, almost 6 percent its prior 685 billion yen view and down 13 percent from a year ago. Display Inc 6740.T was another exception, its shares skidding 9.5 percent a day after the liquid crystal display maker reported a loss for the quarter through September. JPX-Nikkei Index 400 .JPXNK400 was up 1.6 percent at 16,403.37.

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