Saturday, 13 April 2024

Japan’s Nikkei closes at a record high as technology stocks rise

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Japan’s Nikkei index rose to its highest levels ever and closed up 2 percent on Friday, as technology-related stocks followed a record high close among their American counterparts after statements from Federal Reserve officials (the US central bank) provided indications about the path of interest rates.

According to Reuters, the Nikkei index recorded a new record high closing level at 39,910.82 points, exceeding a record peak of 39,426.29 reached during a session earlier in the week. The index ended the week higher with a 2% jump.

The Nikkei index rose by 39,990.23 points, close to reaching 40,000 points for the first time, while it continues to rise to record peaks after it breached last month its highest level ever recorded during the asset bubble in December 1989.

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The broader Topix index closed at an increase of 1.26%, recording 2709.42.

Trader sentiment rebounded after the Standard & Poor’s 500 and Nasdaq indexes closed at record high levels on Thursday night, supported by technology stocks linked to artificial intelligence, while US inflation data and comments from Federal Reserve officials reinforced bets on cutting interest rates in June.

Japanese chip-related stocks also jumped, which contributed greatly to the index’s 17% rise this year.

Tokyo Electron, a heavyweight on the Nikkei index, rose 4.1%, adding about 151 points to the index’s rise of approximately 745 points. Shares of Advantest, a manufacturer of chip testing equipment, which counts the American artificial intelligence company NVIDIA among its clients, also rose 3.02%.

Shares of SoftBank Group, which focuses on investing in emerging artificial intelligence companies, advanced 1.3%.

Among the 33 industrial sub-sectors on the Tokyo Stock Exchange, the electrical machinery sector rose 2.05%, becoming the third largest gainer after the mining sector, which increased 2.63%, and the oil and coal products sector, which advanced 2.07%.

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