Nikkei Rewrites Closing High for 2nd Straight Day

Tokyo, Feb. 10 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average rewrote its all-time closing high for the second straight day on Tuesday, as buying momentum continued after Sunday’s general election. The index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section ended the day’s session up 1,286.60 points, or 2.28 pct, from Monday at 57,650.54. The broader TOPIX index rose 71.71 points, or 1.90 pct, to 3,855.28. “Market participants were still basking in the news of the (ruling) Liberal Democratic Party’s resounding victory (in the House of Representatives election),” an official of a midsize securities firm said. Investors also rushed to buy semiconductor- and artificial intelligence-related stocks, such as technology investor SoftBank Group and chipmaking equipment maker Tokyo Electron, following overnight rises in their U.S. peers. “Hopes are growing for investment in and monetization of AI,” an official of a major securities firm said. In the currency market, the dollar fell to around 155 yen at one point amid lingering wariness over a possible intervention by Japanese authorities following warnings by Finance Minister Satsuki Katayama and other government officials against a further depreciation of the yen against the dollar. At 3 p.m., the dollar stood at 155.29-32 yen, down from 156.59-59 yen at 5 p.m. Monday. The euro was at 1.1906-1906 dollars, up from 1.1855-1855 dollars, and at 184.92-94 yen, down from 185.66-67 yen. In the bond market, the yield on the newest issue of 10-year Japanese government bonds, regarded as Japan’s benchmark long-term interest rate, fell to 2.235 pct. END [Copyright The Jiji Press, Ltd.]