Markets

Nikkei Average Rewrites Record Intraday High (Update 2)

Yomiuri Shimbun file photo
Tokyo Stock Exchange

Jiji Press

12:29 JST, February 22, 2024 (updated at 15:20 JST)

Tokyo, Feb. 22 (Jiji Press)—Japan’s Nikkei 225 stock average finished at an all-time high Thursday, breaching the previous record marked more than 34 years ago at the height of the country’s speculation-driven bubble economy.

The Nikkei shot up 836.52 points, or 2.19 pct, to end at 39,098.68, topping the previous closing high of 38,915.87 set on Dec. 29, 1989. It closed above 39,000 for the first time. The Nikkei rose to as high as 39,156.97 shortly before the close.

The index, comprising 225 major issues listed on the Tokyo Stock Exchange’s top-tier Prime section, was pushed up by surges of heavyweight semiconductor-related components, following the announcement of rosy earnings for November-January by U.S. chip giant Nvidia Corp. Wednesday.

The Nikkei has remained on an uptrend this year on the strength of chip names, driven by expectations for higher semiconductor demand amid the expanding use of artificial intelligence.

The market attracted some position-closing selling after the Nikkei reached the threshold of 39,000 in the early afternoon, but investors tested the upside of the index again in late trading.