Japan's Nikkei powers to 1990 'bubble' era high

TOKYO, 19th May, 2023 (WAM) -- Japan's Nikkei share average rallied on Friday to the highest since August 1990, the country's so-called "bubble" era, driven by a confluence of positive factors from strong earnings to optimism over a US debt ceiling deal, Reuters reported.

The benchmark index (.N225) jumped as high as 30,924.57 shortly after the open, on course for a seventh straight winning session, after smashing through the psychological 30,000 level on Wednesday for the first time in 20 months.

The broader Topix (.TOPX), which had reached the post-bubble milestone on Tuesday, extended its climb to as high as 2,171.37.

The Nikkei's final push to a 33-year peak drew additional momentum from gains in global stocks as investors turned more optimistic that US lawmakers can soon reach a deal to raise the debt ceiling and avert a potentially catastrophic default.

The Nikkei had rocketed 6.2% from the May 10 close - when sweeping rally began - to reach Friday's high. It was last up 0.72% at 30,794.32.

The Topix had gained as much as 4.2% over the same period. It was last 0.24% higher at 2,162.98.