Nikkei Tops 48,500 for 1st Time, Lifted by SoftBank Group

Tokyo, Oct. 9 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average finished above 48,500 for the first time on Thursday, lifted by a surge in heavyweight component SoftBank Group. The Nikkei average closed at 48,580.44, up 845.45 points, or 1.77 pct, from Wednesday. The broader TOPIX index rose 22.11 points, or 0.68 pct, to 3,257.77, also hitting a new record high. SoftBank Group climbed 11.43 pct after announcing on Wednesday that it would acquire the robotics business of major Swiss heavy electric machinery maker ABB Ltd. Other technology issues, such as semiconductor-relates names, also attracted buying interest after the tech-heavy U.S. Nasdaq composite index reached a record high overnight amid expectations for the growing artificial intelligence sector. However, about 40 pct of the stocks on the Tokyo Stock Exchange’s top-tier Prime section fell on Thursday, weighed down by selling amid concerns about the market’s overheating, market sources said. “The Tokyo market is not as strong as the Nikkei suggests,” said an official at a midsize securities firm. Meanwhile, the yen weakened past 153 per dollar, hitting an eight-month low amid receding expectations of an early rate hike by the Bank of Japan. At 5 p.m., the dollar stood at 153.06-07 yen, up from 152.56-57 yen at the same time Wednesday. The euro was at 1.1610-1611 dollars, down from 1.1630-1630 dollars, and at 177.70-74 yen, up from 177.43-44 yen. END [Copyright The Jiji Press, Ltd.]