Stock boom gets broader support beyond exporters - Nikkei’s jump to all-time highs leads to bets on more gains

FILE PHOTO: Pedestrians walk past an electronic board displaying various companies' share prices, at a business district in Tokyo, Japan, October 31, 2023. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO: Not even an interest-rate hike for the first time since 2007 has slowed the record-breaking surge in Japanese shares.

Signs that deflation has ended are driving investors to bet ever more on Japan’s economic growth, while a weakening yen continues to boost exporters like Toyota Motor Corp and Canon Inc. Morgan Stanley has maintained its target for the broad Topix equity gauge to rise to 3,100 in its bullish scenario, just 10% away from last Friday’s close.