The theme of reopening the economy will have benefited less to the Japanese Stock Exchange, which will be closed tomorrow, than to other financial centers around the world. The Nikkei 225 ended the year with a slight gain of just under 5%. The MSCI World index of developed countries, by way of comparison, is up 20%. The plunge of Fast Retailing, owner of Uniqlo, and Softbank held back the increase. Contrary to what happened on the Cac 40, heavy goods vehicles were a weight rather than a motor.

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