Japan shares rise with Nikkei 225 closing at highest since 1996

Japanese shares advanced, with the Nikkei 225 Stock Average closing at its highest since December 1996, bolstered by companies in industries ranging from technology to retail.

Machinery maker Fanuc, Recruit Holdings, FamilyMart UNY Holdings, SoftBank Group and Terumo were the biggest contributors to the Nikkei 225’s gain, while scandal-whipped Kobe Steel was the worst performer, falling a record 36 per cent over two sessions. Railway companies and insurers propelled the benchmark Topix index to a decade-high for a second straight day.

“Expectations for upward revisions in local companies’ annual profit targets are pretty high ahead of the earnings season kicking off later