Nikkei closes at record high as chip-related stocks rise

Japan’s Nikkei index rose to an unprecedented level at the close on Tuesday, with shares of chip-related companies rising, tracking the path of their American counterparts, amid investors’ anticipation of the testimony of US Federal Reserve Chairman Jerome Powell, searching for signs on the path of monetary policy.

The Nikkei index closed up 1.96% to 41,580.17 points, after advancing 2.4% to an unprecedented level during trading of 41,769.35 points.

The Standard & Poor’s 500 and Nasdaq indices closed at unprecedented high levels yesterday, Monday, with Nvidia shares rising 2% and Intel shares rising more than 6%.

The Chairman of the Federal Reserve is scheduled to give testimony before Congress that will last for two days, starting in the Senate later today, then the House of Representatives, tomorrow, Wednesday.

In Japan, Tokyo Electron shares of chip-making equipment jumped 3.77%, and Advantest shares of chip-testing equipment maker jumped 4.14%.