Markets

Japan’s Nikkei Stock Average Briefly Soars over 1,100 Points

Yomiuri Shimbun file photo
Tokyo Stock Exchange

Jiji Press

11:47 JST, August 7, 2024

Tokyo (Jiji Press)—Japan’s benchmark Nikkei 225 stock average briefly jumped over 1,100 points Wednesday morning, rebounding from a plunge earlier in the day.

The Nikkei index stood at 35,849.77 at 10:53 a.m., up 1,174.31 points, or 3.39 pct, from Tuesday, after losing as much as 936.00 points, or 2.70 pct, in the early morning.

Stock buying intensified as the dollar soared following a speech by Bank of Japan Deputy Governor Shinichi Uchida given in a conference in Hakodate, Hokkaido.

In the speech, Uchida said that the BOJ will not raise its policy interest rate when financial and capital markets are unstable.

In Tokyo currency trading, the dollar jumped above ¥147 temporarily after standing at ¥144.71-73 at 9 a.m., down from ¥145.29-30 at 5 p.m. Tuesday.