Tokyo Stocks Rally as U.S. Tech Shares Soar
(MENAFN) Japanese stocks saw continued upward momentum on Tuesday, with a rally in U.S. technology shares and a weakening yen sparking fresh interest from foreign investors.
The Nikkei Stock Average closed at a record 47,950.88, adding 6.12 points, or 0.01 percent. This marks another milestone in the index's surge.
In the U.S., the Nasdaq Composite reached an all-time high, buoyed by speculation of imminent interest rate cuts by the Federal Reserve. This sentiment lifted semiconductor and AI-focused stocks, which in turn fueled the rally in Tokyo.
The optimism carried over into Japanese markets, lifting key players like Advantest and SoftBank Group. Stocks linked to AI, including Fujikura, also saw gains, contributing to the broader market’s rise.
The yen's drop to above 150 yen per U.S. dollar further boosted exporter stocks, particularly Toyota, as the currency’s decline spurred international demand for Japanese goods.
The Topix Index also climbed, rising for the third consecutive day. It gained 1.85 points, or 0.06 percent, closing at 3,227.91, also hitting a record high.
At the close of trading on the Tokyo Stock Exchange Prime Market, 800 stocks advanced, 747 declined, and 69 remained unchanged.
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