Nikkei Hits Record Closing High above 59,000

Tokyo, April 16 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average hit a new record closing high above 59,000 on Thursday, amid hopes for progress in U.S.-Iran negotiations to end their conflict. The index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section closed at 59,518.34, up 1,384.10 points, or 2.38 pct, from Wednesday. The last time the key index logged a record high was on Feb. 27, before the United States and Israel began attacking Iran. The broader TOPIX index finished at 3,814.46, up 44.13 points, or 1.17 pct. Investor sentiment improved after U.S. President Donald Trump reportedly said that the conflict is “close to over.” The Nikkei briefly gained over 1,500 points, led by semiconductor-related stocks, after the tech-heavy Nasdaq Composite Index set a new record high in the U.S. market overnight. However, nearly 40 pct of the stocks on the TSE’s Prime market declined due to selling prompted by a sense of overheating after recent steep gains. Investors remain cautious as “the negative impact of higher crude oil prices could emerge from now on,” said an official of a major brokerage firm. Japanese companies’ annual earnings reports, which will come in earnest later this month, are also likely to show “conservative projections for the ongoing fiscal year,” the brokerage official added. Meanwhile, an official of a bank-affiliated securities firm said, “Asset managers will keep buying robust tech stocks because they don’t want to miss out,” adding that the Nikkei average “may reach 60,000.” END [Copyright The Jiji Press, Ltd.]