Nikkei Average Rewrites All-Time Closing High

Tokyo, Feb. 25 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average rewrote its all-time closing high on Wednesday, reflecting overnight U.S. stock rises and receding speculation over a possible interest rate hike in Japan. The Nikkei average ended the day’s session up 1,262.03 points, or 2.20 pct, from Tuesday at 58,583.12. The broader TOPIX index rose 27.18 points, or 0.71 pct, to 3,843.16. Tokyo market players rushed to purchase high-technology issues in response to Tuesday’s rises in major U.S. stock indexes, which reflected buybacks of software-related issues following U.S. artificial intelligence company Anthropic’s announcement of tools that work hand in hand with existing software. Buying appetite was further fueled by a decline in speculation that the Bank of Japan may move to raise interest rates further, after the Japanese government on Wednesday proposed to the Diet, Japan’s parliament, a plan to appoint as BOJ Policy Board members Aoyama Gakuin University professor Ayano Sato and Chuo University honorary professor Toichiro Asada, both considered reflationists. An official of a major securities firm said, “Following a string of positive trading incentives, foreign investors engaged in futures buying, which helped further boost the Nikkei index in Wednesday’s trading.” The official added that such market participants were also encouraged by Japan’s political stability after the ruling Liberal Democratic Party’s landslide victory in the Feb. 8 House of Representatives election. END [Copyright The Jiji Press, Ltd.]