Japanese stocks rallied on Thursday, with strong increases in domestic sectors matched by hefty increases in many export stocks.

The Nikkei 225 stock average rose 1.7 per cent to a four-year closing high of 14,411.79. The Topix was up 1.6 per cent to a five-year closing high of 1,510.33.

Property-related stocks performed particularly well, benefiting from high demand for commercial and residential property in Japan’s big cities.

Real estate as a whole was up 4.5 per cent. Mitsui Fudosan, Japan’s biggest real estate company, was up 5.3 per cent to Y2,015. Mitsubishi Estate, its biggest rival, climbed 6 per cent to Y1,827.

Warehouse and wharf stocks, which have also benefited from investor interest in their property portfolios, were up 3 per cent. Mitsubishi Logistics, Japan’s biggest warehouser, was up 2.5 per cent at Y1,531.

Among other domestic sectors, securities rose 3.3 per cent, benefiting from high share-buying turnover, as investors become more interested in Japanese stocks. Nomura Holdings, the country’s biggest securities house, rose 2.8 per cent to Y2,055. Daiwa Securities, its biggest rival, climbed 6.2 per cent to Y1,111.

Banking rose 2.2 per cent, after falling strongly for much of the previous week. Mitsubishi UFJ, the world’s biggest bank by assets, was up 2 per cent to Y1,550,000.

Among stocks with a stronger export focus, the electrical machinery sector was up 1.6 per cent. Toshiba, the electronics conglomerate, rose 2.5 per cent to Y624.

Toyota, Japan’s biggest carmaker, climbed 2.5 per cent to Y5,640.

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