Japan’s Nikkei 225 index closes at 29-year low for 2011

Japan’s benchmark Nikkei 225 index has closed for the year at its lowest level since 1982.

Despite managing a 0.67 per cent upturn by the end of trading, the index closed the year at just 8,455.35.

The index has not looked so troubled since 1982 when it closed the year at 8,016.67.

The Bank of Japan recently signalled that the country’s financial situation had been improving, after a devastating year marked by tragedies such as the March earthquake.

GDP was recognised to have grown by 1.5 per cent in the third quarter, although the central bank continued to warn of the vulnerable state of the economy and particularly its exposure to the global financial sector.