Japan's Nikkei posts biggest point gain for fiscal year
© Reuters. A visitor stands next to an electronic screen displaying Japan's Nikkei stock prices quotation board as the average surged past an all-time record high scaled in December 1989, inside a building in Tokyo, Japan February 22, 2024. REUTERS/Issei Katoshare average ended higher on Friday, driven by chip-related heavyweights, and posted a record fiscal-year gain in terms of points amid heavy foreign buying.
The rally was supported by foreign buying on a weaker yen and expectation that the Bank of Japan will stick with loose monetary policy. The yen fell to a 34-year low against the dollar this week, prompting local authorities to hold an emergency meeting, a sign Tokyo is moving closer to intervening in the market.Chip-related Tokyo Electron and Advantest rose 0.79% and 1.85%, respectively.
Optimism that the Bank of Japan will not raise interest rates rapidly supports their stock prices, Okasan Securities Matsumoto said.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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