2023-06-05 07:19:26
Japanese Nikki
Japan’s Nikkei average closed at a 33-year high on Monday, as gains on Wall Street increased risk appetite, while investors continued to bet on local stocks amid expectations that the Bank of Japan will maintain its ultra-loose policy.
The Nikkei index jumped 2.2 percent to close at 32,217.43 points, the highest closing level since July of 1990, and recorded the largest daily gain since January 18.
The broader Topix index rose 1.7 percent to 2,219.79.
“The market was supported by gains in the US market on Friday. This helped keep money flowing into risky assets in Japan,” Shigetoshi Kamada, general manager in research at Tachibana Securities, told Archyde.com.
Japanese stocks are in a better position than their US counterparts as the Bank of Japan is expected to maintain very low interest rates. Kamada said that when US stocks rise, there is no reason not to buy Japanese stocks.
The Bank of Japan will hold a two-day policy meeting on June 15.
American stocks closed higher on Friday following a labor market report showed moderate wage growth in May, suggesting the US Federal Reserve may refrain from raising interest rates in two weeks, while investors cheered Washington’s deal that averted a catastrophic debt default.
Fast Retailing, owner of the Uniqlo brand, jumped 3.86 percent. Chip testing equipment maker Advantest rose 3.38 percent and robotics maker Fanuc rose 4.53 percent.
Chipmaker Tokyo Electron advanced 0.75% and Screen Holdings added 1.9%.
1685950497
#Japanese #Nikkei #closed #highest #level #years
