According to Jinshi, Japan's Topix index broke through the bubble-era high and closed at a record high, and the Nikkei 225 index also hit a new high. Among the Topix index components, almost all of the 33 industry classification indexes of more than 2,000 companies climbed, with automakers making the biggest gains. Insurance stocks and bank stocks have been among the best performers since the index bottomed out in mid-April, as the market expects the Bank of Japan to raise interest rates, thereby improving their profitability. Andrew Jackson, head of Japanese equity strategy at Ortus Advisors, said that many of the initial gains in Japanese stocks came from the Nikkei index, which is densely populated with export stocks and technology stocks, so it is not surprising that the Topix index has caught up.
