P. M. BRIEFING : Tokyo Stock Exchange Ends ’89 Trading With Index 29% Higher
The Tokyo Stock Exchange closed its 1989 trading today with a half-day session in a festival mood, and the fourth consecutive day of record-setting left the market’s key index 29% higher than at the year’s beginning.
The dollar rose sharply, closing 1989 at a level 13.9% above its 1988 close.
The 225-issue Nikkei Stock Average, the stock exchange’s main barometer, finished at 38,915.87 points on its fourth consecutive day of setting a record-high closing. In just a half-day session, it gained 38.93 points, or 0.1%.
The Nikkei’s 1989 gain of 29% was below 1988’s 39.9%.
After a New Year holiday, the Tokyo markets will reopen next Thursday.
The stock market was particularly strong in the last two months of this year, when domestic politics finally settled down after a long period of instability and investors looked for business opportunities from the reform movements in Eastern Europe.
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