Photo/Illutration The TOPIX board at the Tokyo Stock Exchange on July 4 shows the index at its highest level since the "bubble" economy in the late 1980s. (Toshiki Horigome)

The benchmark Nikkei 225 index surged to a record close of 40,913.65 on July 4, as high-tech stocks continued to rise and the weak yen propped up shares of major exporters.

The index ended afternoon trading up 0.82 percent, or 332.89 points, from the July 3 close, and surpassed the previous high of 40,888 set in March.

The broader Tokyo Stock Price Index (TOPIX) also closed at a record high of 2,898.47 after gaining 26.29 points on July 4.

Its previous record close was 2,884.80 set on Dec. 18, 1989, during the asset-inflated “bubble” economy.

At one point on July 4, TOPIX exceeded 2,900.

The gains on the Tokyo Stock Exchange followed a strong showing by high-tech stocks, mainly semiconductor stocks, on the New York Stock Exchange.

After marking a record high in March, the Nikkei average fell to the 36,000 range.

But since mid-June, the depreciating yen has fueled buying of export-related stocks, such as those of automakers.

The Nikkei index is based on the performance of 225 selected stocks.

TOPIX is calculated using the market capitalization of around 2,000 stocks of listed companies, particularly those on the Prime Market, assuming a market capitalization as of the base date of Jan. 4, 1968, is 100 points.

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