Nikkei Hits Yet Another All-Time Intraday High in Morning

Tokyo, Oct. 7 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average scaled yet another all-time intraday high on Tuesday morning, led by buying of semiconductor and other large-cap names traced to overnight gains in U.S. high-tech issues. At 9:09 a.m., the Nikkei index was up 582.57 points, or 1.22 pct, from Monday at 48,527.33. On Monday, the index surged to log all-time intraday and closing highs on hopes for an aggressive fiscal policy by Sanae Takaichi, who was elected leader of Japan’s ruling Liberal Democratic Party on Saturday and is expected to become prime minister later this month. In the U.S. market on Monday, Advanced Micro Devices attracted hefty purchases after signing a chip supply deal with OpenAI. Export-oriented Tokyo stocks, such as automakers, also drew buying on the back of the yen’s weakening against the dollar, market sources said. Meanwhile, Japanese government bonds came under selling pressure. In interdealer trading in Tokyo on Tuesday, the yield on the newest issue of 10-year JGBs, regarded as the country’s benchmark long-term interest rate, rose as high as 1.690 pct, the highest level since July 2008. In Tokyo currency trading, the dollar stood at 150.49-49 yen at 10 a.m. Tuesday, up from 150.00-00 yen at 5 p.m. Monday. END [Copyright The Jiji Press, Ltd.]