Japan’s Nikkei share average hit a seven-year high on Tuesday as investors gave a thumbs up to the Bank of Japan’s unexpected move to easy policy further and the public pension fund’s reallocation of assets to switch more funds to domestic stocks.
The Nikkei benchmark index climbed 2.7 per cent to 16,862.47, its highest level since 2007. The index surged 4.8 per cent on Friday, marking its biggest daily gain in eighteen months.
Financial and real estate shares outperformed the market, with Daiwa Securities surging 12.3 per cent. Nomura Holdings jumped 7.7 per cent and Tokyu Fudosan shot up 7.1 per cent.
The broader Topix added 2.6 per cent to close at 1,368.65, while the JPX-Nikkei Index 400 gained 2.8 per cent, closing at 12,507.72.