This week, the Nikkei and the broad-based Topix surpassed previous records to hit fresh all-time closing highs on Thursday. The Topix notably breached a 34-year record set in December 1989.
Earnings are the single driver to the current market rally, Jesper Koll, expert director at Tokyo-based financial services company Monex Group, told CNBC. Monthly pay for union-backed workers will climb 5.1% on average this fiscal year ending March 2025. Rengo also said big firms with 300 or more union-backed employees raised wages by 5.19%, while smaller firms increased pay by 4.45%.More importantly, Koll said, Japan is a"bastion of stability." He pointed out that its monetary, fiscal and regulatory policies are stable and pro-growth, and this acts as an important support for financial markets.
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