Japan’s Nikkei hits 1990 high on weak yen, U.S. optimism

Japan’s Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen.

SoftBank Group continued to push higher throughout the day, driven by news that British subsidiary Arm Ltd had rolled out a new chip technology that Taiwan smartphone-chip maker MediaTek will adopt in next-generation products. The Nikkei is easily swayed by moves in the big tech stocks, relative to the Topix, and that sets the index up to outperform, he added.

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