AFP, HONG KONG: Tokyo’s stock market was the Asian standout yesterday, building on a rally and buoyed by a strong US growth forecast and domestic corporate results as well as a weak yen. Shares on the Nikkei 225 index added 0.5 per cent to hit a fresh 21-year high, brushing aside concerns about overheating following their recent surge.
Investor sentiment was boosted by the US central bank’s punchy assessment of “solid” economic growth while keeping its key policy interest rate unchanged. Honda led the surge in Japanese equities, jumping more than five per cent after it raised its annual profit outlook on strong motorcycle sales.
Sony shares added another 2.8 per cent as the firm raised profit forecasts and announced plans to revive its robot pet dog. The weak yen—a positive factor for Japanese exporters—was also behind the gains, brokers said. But trading was muted elsewhere in Asia, as traders braced for a series of key economic announcements.