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Nikkei Surpasses Its 1989 All-Time High – Let See What The Analysts Say

On today’s update, Japan’s Nikkei 225 has reached a new record high that is greater than its all-time high in 1989. Reaching this milestone 30 years later has gained the attention of investors and enthusiasts.

 

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Nikkei 225  index closed on Thursday, February 22 at 39,098.68 surpassing its December all-time high of 38,957.44 and its former record closing price of 38,915.87. 

This incredible milestone indicates that Nikkei index has performed well this year. For 34 years, Nikkei has been trying to regain its record including the weakness of Japanese Yen (¥) against the US dollar ($). Despite Japan’s overseas spending power being minimized due to decline in yen, it still have proved its potential for overseas investors. At the same time, the Japanese officials have been focusing on corporate governance reforms that helped boost the market’s attention. 

Meanwhile, analyst have expressed their thoughts about Nikkei’s new all-time high. Tsutomu Yamada, a senior analyst at Au Kabucom Securities says “For us traders, this marks the arrival of a new era. It feels like the stock market is telling us that we’ve finally escaped from deflation and a new world has opened up. Compared with 34 years ago, the make-up of the stock market is totally different. Today, looking at the Nikkei average as a profitable security, it’s still quite easy to buy. 39,000 is just a waypoint.

Nikkei 225 Technical Analysis

Nikkei 225 index locks at ¥39,098.68 today, February 22, showing a bullish trend based on multiple technical indicators: RSI stands at 77.67 (overbought), MACD is at 953.19 (bullish), SO is at 98.32 (overbought), ROC-20 is at 7.93 (bullish), CCI-20 is at 127.72 (bullish), Williamson %R is at -1.77 (overbought), ATR-14 is at 511.82 (volatile), and ADX is at 42.73 (bullish).

Overall, this indicators suggests that Nikkei 225 is currently on strong bullish trend. Traders should be cautious on potential reversal signals as the market may be due for correction.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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