Monday, 17 June 2024

Nikkei ends at 32-year high

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Japanese stocks rose today, Friday, and the Nikkei index closed at its highest level in three decades, after the US House of Representatives agreed to raise the debt ceiling, and against the backdrop of indications that Bank of Japan officials are in no hurry to undertake monetary tightening.

According to “Reuters”, SoftBank Group shares rose 4.3 percent, amid speculation that the company’s chip unit will benefit from a boom in investment in artificial intelligence.

T & D Holdings also jumped 4.28 percent, leading insurance stocks, as the risks of a financial catastrophe resulting from a US default on its debt dissipated.

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The Nikkei index rose 1.21 percent to 31,384.93 points, the highest closing level since July 1990. The broader Topix index rose 1.55 percent to 2,182.70 points.

Bank of Japan Governor Kazuo Ueda told lawmakers that the central bank had no time frame for achieving its 2 percent inflation target.

The Nikkei index rose 2 percent over the past five sessions, recording gains for the eighth week in a row.

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