Drugmakers have gained 10% since the start of July through last week, leading advances among 33 sectors in Topix index. In the first half of the year it was No. 18 in performance, the data show.
Drugmaker shares have rebounded to record highs after the plunge in Japanese stocks early this month, in a sign that investors favor defensive shares amid concern that global economic growth will slow.
The Topix pharmaceutical index became on Aug 22 the first and so far only sector to climb to a new peak, after a rout that saw Japan’s stock market enter a bear market, according to Bloomberg-compiled data going back to 1983.
