But investors are still spooked, pushing the Topix index down 2.04 percent to 821.84 at lunch.
But the peak of the TOPIX in 2007 was 1816 and just before the Lehman shock 1430.
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Exchange traded funds focusing on small companies and real estate or tracking the Topix index experienced the biggest inflows.
So it was no surprise to see The Nikkei 225 and Topix extend losses as trading resumed on Monday.
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Since the broad Topix stockmarket index slumped to a post-bubble low in October 1998, it has climbed by 70%.
The Nikkei 225 average rose 5.7% to 9, 093.72, while the broader Topix index climbed 6.6% to 817.63 by the close.
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The Nikkei and Topix indexes of share prices seem headed back to their springtime highs, even as the yen sags.
The broader Topix index fell 87.69 points, or 6.9%, to close 1, 188.34.
For the 2011 Politics Online Report, Topix and its partner Equation Research surveyed 1, 008 U.S. residents, over 18 who vote in elections, via an online survey.
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The fund has gained a 19.7% compound annualized return since its inception in June 1998, compared with 6.6% for a hedged version of Japan's topix index.
Along with the broad-based Topix index, the Nikkei is now nearly one-fifth below its peak for this year, in April, and more than three-fifths below its all-time high.
The changing dynamic of Japan's stock-market rally can be seen in the Topix index, whose 1, 669 stocks are divided into 33 subindexes, including shares of both exporters and domestically-focused companies, capturing a broader picture than the tech-heavy Nikkei.
News that a brash internet company, livedoor, was under investigation for market manipulation and accounting irregularities (see article) had sparked two days of widespread selling during which the benchmark Nikkei index and the broader Topix both fell by 5.7%.
The benchmark Nikkei 225, which has been reaching fresh lows almost every week recently, fell by 6.6%, to close below 10, 000 for the first time in over 17 years, while the Topix index, which covers a wider range of stocks, fell by 6.4% to below 1, 000.
"We think they (corporate profits) are going to rise by about 50% over the next twelve months, " said Koll, who also forecasts Japan's Topix -- considered more representative of Japan's stock markets -- will climb to 1, 400 by the end of 2013 -- a rise of nearly 17%.
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Kathy Matsui of Goldman Sachs Japan, interviewed in the December 24 Nihon Keizai Shimbun, offers a scenario of a dip in the TOPIX to some 700 early in the first quarter (it ended the year at 729), followed by a rise to 800 by yearend, as the market anticipates overall economic recovery in 2013.
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