2024-01-12 08:23:03
normal
Recorded the best week in 22 months
January 12, 2024
12:23 pm
Japan’s Nikkei index rose, on Friday, to its highest level in 34 years to record its best week since March 2022, supported by a decline in bets that the Bank of Japan will stop monetary easing policy soon and tremendous momentum with the return of foreign investors.
The Nikkei rose 1.06 percent to 35,422.95 points at the close, Friday, following rising as much as 2.25 percent to 35,839.65 points for the first time since February 1990. The index rose nearly seven percent and recorded its highest level in several decades in each trading day this year. the week.
The index’s volatility increased over the past two days, reaching its highest level since October 31, when the Bank of Japan unexpectedly adjusted its policy to allow bond yields to rise further.
The Nikkei received support from declining bets that the Bank of Japan will end its negative interest rate policy at its meeting on January 22-23.
This week’s wage data gave the central bank additional incentive to slow down its shift toward tightening monetary policy.
Meanwhile, Finance Ministry data on Friday showed that foreign investors bought Japanese stocks for a net amount of 296.2 billion yen ($2.04 billion) in the week ending January 6 following two weeks of selling.
The Nikkei has jumped 6.3 percent so far this year and is the only major global index to achieve gains other than the US Standard & Poor’s 500 index, which rose 0.21 percent.
The British Financial Times Index fell approximately 2 percent, and the Hang Seng Index in Hong Kong fell 4.43 percent.
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