Markets

Nikkei Average Tops 34,000 for 1st Time Since 1990 (UPDATE1)

Yomiuri Shimbun file photo
Tokyo Stock Exchange

Jiji Press

10:15 JST, January 10, 2024 (updated at 12:00 JST)

TOKYO, Jan. 10 (Jiji Press) — Japan’s key Nikkei 225 stock average gained over 600 points Wednesday morning to recover 34,000 for the first time since March 1990.

Japanese stocks, especially high-tech names, attracted buying on rosy expectations reflecting higher corporate earnings, market sources said.

The Nikkei average finished the morning at 34,386.79, up 623.61 points, or 1.85 %, from Tuesday.

In the U.S. market Tuesday, artificial intelligence semiconductor powerhouse Nvidia Corp. rewrote its all-time high, sparking buying of chip and other related stocks in Japan on Wednesday, the sources said.

Also behind the strength were the yen’s weakness against the dollar and stock futures buybacks, according to the sources.