Nikkei Stock Average Tops 53,000 for 1st Time

Tokyo, Jan. 13 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average continued rising to top 53,000 for the first time ever on Tuesday morning. A wide variety of issues attracted hefty buying on the Tokyo stock market following media reports that Japanese Prime Minister Sanae Takaichi is considering dissolving the House of Representatives, the all-important lower chamber of parliament, for a snap general election. The index of 225 select issues listed on the Tokyo Stock Exchange’s Prime section rose to as high as 53,814.79, up 1,874.90 points, or 3.61 pct, from Friday. The Tokyo market was closed Monday for a national holiday. Semiconductor-related issues and banks went up on the back of expectations for policies of the Takaichi administration. In Tokyo interdealer bond trading, the yield on the newest issue of 10-year Japanese government bonds, regarded as Japan’s benchmark long-term interest rate, rose to 2.140 pct, the highest level in 26 years and 11 months. JGBs came under selling amid concern that Japan’s fiscal condition will worsen as Takaichi would further promote her aggressive spending policy if the ruling bloc, led by her Liberal Democratic Party, wins the expected general election, market sources said. In the Tokyo currency market, the yen dropped against the dollar. At 10 a.m. Tuesday, the dollar stood at 158.15-16 yen, up from 157.47-48 yen at 5 p.m. Friday. END [Copyright The Jiji Press, Ltd.]