Tokyo Stocks Post Recovery on Monday
(MENAFN) Tokyo’s benchmark stock index soared on Monday, snapping a two-day lull and setting a new record high, as robust buying by overseas investors — spurred by Wall Street gains — sent shares sharply higher.
The Nikkei 225 jumped 447.85 points, or 0.99%, to close at 45,493.66, breaching previous records. The rally was led by heavyweight semiconductor and electronic component stocks, which at one stage helped lift the index by more than 700 points.
Investor sentiment was buoyed by growing optimism over the resilience of the U.S. economy, amid expectations that the Federal Reserve will continue cutting interest rates through the end of the year.
Political developments at home also caught investor interest. The Liberal Democratic Party’s leadership race formally kicked off Monday, and some market participants cited a historic trend of equity gains around such contests, further stoking bullish expectations.
The broader Topix index also posted gains, rising 15.49 points, or 0.49%, to close at 3,163.17.
On the Tokyo Stock Exchange Prime Market, 928 issues advanced, 630 declined, and 60 ended flat.
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