TOKYO: Japan’s broad Topix gauge touched a record high on Friday, as easing concerns about the nation’s debt gave shares a tailwind on one of the final trading days of 2025. The Topix was up 0.5% in early trading, and reached an all-time intraday high of 3,436.75. The blue-chip Nikkei index climbed 0.9% to 50,865.30 and was set for a 26% jump this year. The cabinet on Friday approved a record budget for the next fiscal year, aiming to strike a balance between proactive fiscal policy and debt management. Benchmark Japanese government bonds (JGBs) gained slightly as expectations for restrained debt issuance helped yields retreat from a 26-year peak. The rebound in JGBs came after Prime Minister Sanae Takaichi sought to ease concerns over her massive stimulus plan, and a Reuters report said the government would likely reduce new issuance of super-long bonds next fiscal year. “This downward movement in interest rates may also be contributing positively to the Japanese stock market,” said Maki Sawada, an equities strategist at Nomura Securities. “With just three business days remaining, attention now focuses on whether the (Nikkei) can close above the 51,000 mark.” There were 165 advancers on the Nikkei index against 58 decliners. The largest gainers in the index were artificial intelligence investor SoftBank Group, up 2.5%, followed by Uniqlo operator Fast Retailing, gaining 2.3%, and game maker Nintendo, which climbed 2.3%. The largest losers were Tokyo Electric Power Company, down 1.8%, followed by Sumitomo Electric Industries , which slid 1.1%.