Tokyo Stocks Surge as Oil Supply Concerns Ease

Tokyo, March 18 (Jiji Press)–Tokyo stocks surged on Wednesday as concerns about crude oil supplies eased following a media report that some vessels were passing through the Strait of Hormuz amid the ongoing conflict between the U.S.-Israel camp and Iran. The Nikkei 225 stock average closed at 55,239.40, up 1,539.01 points, or 2.86 pct, from Tuesday. The broader TOPIX index ended at 3,717.41, up 90.34 points, or 2.49 pct. Fears of crude oil supply disruptions eased somewhat after U.S. National Economic Council Director Kevin Hassett told CNBC on Tuesday that tankers were starting to sail through the Strait of Hormuz, a major oil chokepoint currently under a de facto blockade by Iran. “Short-term investors are rapidly buying back stocks” following the report, an official of a major brokerage firm said. “Some investors are buying stocks in anticipation that stock prices could soar once U.S.-Israeli attacks against Iran stop,” said an official of a Japanese bank. Semiconductor-related issues attracted buying due in part to news reports quoting Nvidia CEO Jensen Huang as saying that the U.S. chip powerhouse has restarted production of artificial intelligence semiconductors for the Chinese market. END [Copyright The Jiji Press, Ltd.]