Japan’s Main Stock Index Surges to 11-Month High
(MENAFN) Japan’s main stock index continued its upward momentum for the fifth day in a row on Monday, reaching its strongest level in nearly 11 months amid growing optimism that the United States might lower interest rates later this year.
The Nikkei 225, Japan’s key benchmark index comprising 225 stocks, ended trading at 40,487.39 points, marking a gain of 336.60 points or 0.84% compared to the previous session.
The index initially jumped more than 700 points earlier in the day, driven by strong performances in U.S. technology shares, especially the Nasdaq Composite.
However, the rally eased in the afternoon as investors engaged in profit-taking, with futures contracts particularly affected.
Additionally, the Japanese yen’s appreciation to around 143 yen per dollar pressured market sentiment. The yen strengthened as traders anticipated a narrowing gap in interest rates between the U.S. and Japan, which encouraged yen purchases and dollar sales.
The broader TOPIX index mirrored this positive trend, rising for a fifth consecutive day by 12.30 points or 0.43%, closing at 2,852.84.
On the Tokyo Stock Exchange Prime Market, 893 stocks advanced, 654 retreated, and 80 remained unchanged.
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