Nikkei Marks 34-Year High for 4th Straight Day (Update 1)

Jiji Press

15:29 JST, January 12, 2024 (updated at 16:10 JST)

TOKYO, Jan. 12 (Jiji Press) — Japan’s Nikkei 225 stock average scaled to hit yet another 34-year high Friday, pushed up chiefly by buying related to the day’s special quotation fixing and the bullishness of its major components.

The Nikkei average surged 527.25 points, or 1.50 %, to finish at 35,577.11, the highest closing since Feb. 22, 1990. The benchmark index extended its winning streak to a fifth day, rewriting its 34-year high for the fourth consecutive day.

The broader TOPIX index on the Tokyo Stock Exchange went up 11.36 points, or 0.46 %, to 2,494.23, also a fresh 34-year high.

Foreign investors continued to acquire large-capitalization stocks, in particular, in anticipation of the market’s further ascent.

The Nikkei hit its intraday high right after the opening bell, as massive buy orders were executed in program trading linked to the fixing of special quotations to settle January futures and options contracts, brokers said.

In addition, the key average was “notably propelled by the upsurge of its heaviest component Fast Retailing, after the operator of the Uniqlo casual clothing brand posted rosy earnings the previous day,” said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc.