Stock market today: Asian shares track Wall Street rally as Japan's Nikkei nears a record high
ABC News
Shares in Asia are higher, with Japan's benchmark Nikkei 225 index coming close to its record set 35 year ago
BANGKOK -- Shares advanced in Asia on Friday, with Tokyo's benchmark Nikkei 225 index trading near a record high, 35 years after it peaked and then plunged with the collapse of Japan's financial bubble.
U.S. futures were lower after stocks on Wall Street set a fresh record following some mixed reports on the economy.
The Nikkei 225 closed 0.9% higher, at 38,487.24. It has been hovering just below the record high of 38,915.87 that it set on Dec. 29, 1989, right before a plunge in share and property prices ushered in an era of slower, faltering growth. At its highest point Friday, it traded at 38,865.06.
Share prices have been pressing higher despite persisting signs of weakness in the Japanese economy, which fell into recession in the last quarter of 2023. Efforts to sustain growth at higher levels have had limited success, undermined by weak private investment and consumer spending.
Changes to rules regarding tax-free investment accounts have accounted for some of the runup in Japanese share prices. A weak yen has attracted bargain hunters, and stocks also have profited from investors shifting out of Chinese markets.
