- MARKETS
Japan’s Nikkei Tops 32,000 for First Time in Two Weeks as Chips Rally
13:01 JST, November 2, 2023
TOKYO, Nov 2 (Reuters) – Japan’s Nikkei share average crossed the key psychological 32,000 mark on Thursday for the first time in two weeks amid bets for an end to the Federal Reserve’s monetary tightening cycle and a peak in U.S. yields.
Chip-related shares were among the top gainers on the benchmark index, as growth stocks benefited from anticipation of lower borrowing costs.
The Fed left rates unchanged in a policy decision on Wednesday, with Chair Jerome Powell’s waffling tone on another interest rate hike taken by investors as a dovish shift.
The whole world has been waiting for the Fed to slow down, to pause, to signal that they’re done, said Steen Jakobsen, Saxo Bank’s chief investment officer, in an interview in Tokyo.
A peak in Fed rates could help lift the Nikkei as high as 34,000 by year-end, Jakobsen said.
I think it could be a happy Christmas for Nikkei.
The Nikkei .N225 gained 1.12% to 31,954.48 as of the midday recess, after hitting 32,087.13 for the first time since Oct. 18.
Of the Nikkei’s 225 components, 136 rose, 88 fell and one was flat.
"BUSINESS" POPULAR ARTICLE
-
BOJ Ueda: Japan Increasingly Likely to Hit Inflation Target
-
Exports of Nishikigoi Carp to China Halted; Permits for Japanese Aquaculture Facilities By China Have Expired
-
Japan April-Sept. Current Account Surplus Hits Record High
-
Food, Beverage Price Hikes Show Signs of Easing; Fuel Prices, Consumer Frugality Slowing Down Price Rises
-
Japan 2023 Food Exports Reach 1 Tril. Yen at Record Pace
JN ACCESS RANKING