SoftBank hits 20-year high as investors embrace Son's defensive stance

SoftBank Group Corp. shares climbed to a new 20-year high as investors rally behind founder Masayoshi Son‘s more cautious strategy of selling assets, paring debt and buying back shares.

The Tokyo-based company’s stock gained more than 3 per cent to 7,244 yen, the highest level since March of 2000 in the midst of the dot-com boom. The stock had already hit several two-decade highs in the second half of this year after a record plunge in March with the coronavirus pandemic.

Long known for his extravagant spending on acquisitions and investments, Son reversed course this year after the Covid-19 outbreak and management