Nikkei 225 Favoritism Skews Prices as Tokyo Whale Grows: Chart

Photographer: Tomohiro Ohsumi/Bloomberg

Japan’s two major equity benchmarks have moved mostly together over the years. That changed this month following the latest meeting by the Bank of Japan, which boosted its purchases of exchange-traded funds as part of its easing program. The BOJ’s heavier allocation to ETFs tracking the Nikkei 225 has helped push the gauge to its highest level versus the Topix index in 18 years.

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