Japan’s Stock Market Finishes at 33-Year High as US About to Avoid Catastrophic Default

Japan’s Nikkei 225 closed at nearly a 33-year high on Friday as the market relaxed on the U.S. debt ceiling bill after both the House and Senate passed legislation to the President’s desk.

The Nikkei 225 Index rose 1.21% to close at 31,384.93 points on June 2, 2023, the highest close since July 1990. SoftBank Group Corp finished 4.3% higher, while T&D Holdings gained 4.28%.

Apart from Japan, Mainland China’s Shanghai Composite closed 0.79% higher, Hang Seng Index jumped 4.02%, Kospi rose 1.25% and ASX 200 added 0.48%.


Earlier today, the U.S. Senate passed the bill late Thursday to raise the debt ceiling for two years, sending the legislation to President Joe Biden’s desk for final approval before the deadline on Monday.

The bill received approval votes of 63-36 from 100 Senate, slightly above the chamber’s 60-vote threshold but still enough support to be sent to Biden. The House and Senate-approved bill is expected to be signed by Biden Friday.