Market Updates
Broad Rally Powered 2% Surge In Japan Indexes, Defense and Tech Stocks Led Gainers
Akira Ito
04 Dec, 2025
Tokyo
Japan's market indexes extended this week's gains, reflecting advances in overnight trading in New York.
The Nikkei 225 Stock Average soared 2%, and the broader Topix increased 1.7% as investors debated future rate paths in the U.S. and Japan.
The yield on 10-year Japanese government bonds inched up to a 17-year high of 1.9%, and the Japanese yen hovered at 155.30 yen against the U.S. dollar.
The U.S. Federal Reserve is likely to deliver a 25 basis point rate cut after a two-day meeting on December 10. Policymakers are likely to focus on the rapidly cooling labor market, overlooking the higher-for-longer inflation fueled by a surge in import tariffs.
The Bank of Japan is likely to lift rates, shoring up the faltering yen, shrinking the rate gap between Japan and the U.S., and dampening the so-called "carry trade."
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 2% to 50,862.29, and the broader Topix gained 1.7% to 3,392.45.
Industrial robot makers advanced amid renewed interest from foreign investors.
Fanuc Corp. soared 12.5% to ¥5,942.0, Yaskawa Electric jumped 11.3% to ¥4,767.0, and Nabtesco advanced 10.7% to ¥3,798.0.
Defense stocks advanced as Japan ramped up armament purchases and loosened export controls.
IHI Corp. advanced 1.7% to ¥2,955.0, Kawasaki Heavy Industries advanced 5.4% to ¥10,660.0, and Mitsubishi Heavy Industries gained 4% to ¥4,043.0.
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