The Nikkei closes the year up by 4.9% to 28,791.71 while the Topix gained by 10.4% to 1,992.33. Both indices are recording their highest year-end close since 1989.

Since March, Japanese equities have struggled somewhat to build on gains but the Topix is able to outperform still amid the shift in focus on ETF purchases in general. 2022 may be a tougher year to navigate but be reminded that the BOJ commitment is still in place.

• Saudi Arabia’s King Salman said the OPEC+ production agreement was “essential” to oil market stability and stressed the need for producers to comply with the pact.

Reuters carried the comments:

• “The Kingdom … confirms its keenness for the continuation of the OPEC+ agreement due to its essential role in oil market stability and also stresses the importance of compliance by all participating countries with the agreement,”

The Organization of the Petroleum Exporting Countries and allies (is OPEC+, the group includes Russia). At the December meeting the group agreed to hold to their existing policy of monthly oil output increases. The meeting pon Jan 4 will be a highlight for markets in the first week of the new year.