TOKYO: Tokyo shares closed at a fresh 21-year high on Wednesday, as electronics giant Sony led the way with an 11-percent gain after forecasting record annual profits.
The benchmark Nikkei 225 index rose 1.86 percent, or 408.47 points, to 22,420.08, the highest level since July 1996.
The broader Topix index ended up 1.17 percent, or 20.75 points, at 1,786.71.
“Many investors were encouraged by earnings announcements from Japanese companies,” said Okasan Online Securities in a commentary.
“Even in the afternoon session, the momentum remained intact. The Nikkei index continued to test the resistance,” it said.
Stocks were also boasted by a cheaper currency, with the dollar fetching 113.84 yen in Asian trade, up from 113.65 yen in New York.
The Bank of Japan’s decision Tuesday to maintain the current massive asset-buying programme also provided some support to the market, Okasan said.
A wide range of sectors saw gains.
Sony soared 11.44 percent to 4,918 yen, after announcing on Tuesday that it was expecting record annual profits thanks to its PlayStation games division and a booming smartphone parts business, as well as a hit with the newest Spider-Man movie.
The once-ailing electronics giant said it was eyeing a record net profit of 380 billion yen ($3.4 billion) for the fiscal year to March 2018, with operating profit of 630 billion yen, another record.
Meanwhile, rival Panasonic climbed 4.20 percent to 1,772 yen, after reporting a 10-percent rise in its operating profit for the first half year to September, while maintaining its full-year profit forecasts at 160 billion yen ($1.4 billion).
But cosmetics firm Shiseido ended fractionally down 0.06 percent at 4,670 yen after it slashed full-year profit forecasts.
In New York, the tech-heavy Nasdaq closed at a fresh record while the Dow ended up 0.1 percent.
Source: Brecorder.com
