Japan’s Nikkei breaches 40,000 level for first time led by tech stocks

Mar 4, 2024
japan’s-nikkei-breaches-40,000-level-for-first-time-led-by-tech-stocks

1 min read 04 Mar 2024, 07:24 AM IST Join us Whatsapp

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Japan’s benchmark Nikkei breached the 40,000-point level for the first time on Monday led by a rally in technology shares.

The rally in Japan's technology shares came amid the ongoing artificial intelligence boom in US stocks (AP)Premium
The rally in Japan’s technology shares came amid the ongoing artificial intelligence boom in US stocks (AP)

Japan’s benchmark Nikkei breached the 40,000-point level for the first time on Monday led by a rally in technology shares. The Nikkei share average was last up 0.7% at 40192.48.

The rally in Japan’s technology shares came amid the ongoing artificial intelligence boom in US stocks, which once again pushed the S&P 500 and Nasdaq to record highs overnight on Friday.

The broader Topix was down 0.02% at 2709.07.

Expectations that the US Federal Reserve may be able to cut interest rates as early as June boosted global market sentiment. 

The Nikkei is up over 20% so far this year, while the Topix is up nearly 15%.

Japanese stock markets have been hitting new peaks for the first time in 34 years, crossing the lifetime high of 1989 last month, boosted by foreign inflows amid corporate governance reform, cheap valuations, a weaker yen, and booming corporate profits.

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Published: 04 Mar 2024, 07:24 AM IST

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