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Japan’s Nikkei hits 34-year high | CNN Business


Japan’s Nikkei stock closed at a fresh 34-year high on Tuesday as trading resumed after a long holiday weekend, with technology-related stocks and strong corporate profits supporting the benchmark stock index .

The Nikkei rose 2.89% to 37,963.97, its highest since January 1990, after briefly crossing the 38,000 point mark. The broader Topix rose 2.12%.

Chip sector giant Tokyo Electron gained 13.33%, making it the best performer of the day.

SoftBank Group Corp rose 6.27%, buoyed by the rally in semiconductor developer ARM Holding, in which SoftBank has a 90% stake.

Among other top gainers, Tokio Marine Holdings Inc and MS&AD Insurance Group Holdings Inc gained 11% and 10.82%, respectively.

Japanese stocks also benefited from strong performance on Wall Street and a weakened yen, increasing the value of overseas earnings for exporters.

The yen traded around 149.47 per dollar during the session.

“We have raised our outlook for Japanese stocks in 2024 (from 2,500 to 2,650 for the Topix, from 35,000 to 37,000 for the Nikkei 225), taking into account the evolution of macroeconomic conditions, in particular the weakening of the yen at the start of the year, and progress on structural levels. reforms,” JP Morgan analysts wrote in a research note earlier this month.

Of the 225 components of the index, 196 rose while 26 declined.

As the Nikkei climbs toward its all-time high, the U.S. Consumer Price Index (CPI) report, released later Tuesday, will be in focus.

“The Nikkei’s movements have been more closely tied to the yen recently, suggesting that any strength in the yen following today’s U.S. CPI release, or signs of verbal intervention, could tactically disrupt the yen’s rally. Nikkei,” said Charu Chanana, head of currency strategy. on the Saxo markets.

Otsuka Holdings was among the decliners, losing 5.05% after the company said its experimental drug failed to meet a late-stage trial primary goal in treating agitation associated with dementia due to Alzheimer’s disease.

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