Markets

Nikkei Average Hits Fresh All-Time Closing High

Yomiuri Shimbun file photo
Tokyo Stock Exchange

Jiji Press

15:30 JST, July 9, 2024

Tokyo (Jiji Press)—Japan’s major stock index Nikkei 225 hit a new all-time closing high Tuesday, led by hefty purchases of large-capitalization issues.

The Nikkei average closed at 41,580.17, up 799.47 points, or 1.96 pct, from the previous day, rewriting its closing high for the first time since Thursday.

The broader TOPIX index rose 27.94 points, or 0.97 pct, to 2,895.55.

In Monday’s U.S. stock market, Nvidia soared after analysts raised their price targets for the semiconductor giant. On the Tokyo Stock Exchange, buying of high-technology names, including those related to semiconductors and electronic components, pushed up the Nikkei average.

The Tokyo market expanded its gains in afternoon trading as large-cap issues, such as chipmaking equipment maker Tokyo Electron and clothing chain operator Fast Retailing, were hunted actively.

“Foreign players seem to be stepping up purchases, expecting stock prices to rise further,” an official of an asset management company said.