Nikkei Rewrites Record Closing High Again

Tokyo, Feb. 27 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average rewrote its record closing high for the third consecutive day on Friday, despite high technology-related issues facing strong selling pressure. The index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section closed at 58,850.27, up 96.88 points, or 0.16 pct, from the previous day. The broader TOPIX index rose 58.34 points, or 1.50 pct, to 3,938.68, also a record closing high. The Nikkei average made a shaky start, giving up over 600 points at one point in the morning. Selling hit artificial intelligence- and semiconductor-related issues, such as Advantest and Disco, following a plunge in U.S. chip giant Nvidia shares on Thursday. Still, the Nikkei index managed to emerge in positive territory later on Friday, helped by buying on dips for a wide range of issues. “Given that many market players have firm expectations for policies by Japanese Prime Minister Sanae Takaichi’s administration and for future corporate earnings, Friday’s market moves reflected their bullish sentiment toward the Japanese stock market,” an official of a Japanese securities firm said. END [Copyright The Jiji Press, Ltd.]