Nikkei Closes above 60,000 for 1st Time Ever

Tokyo, April 27 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average rose on Monday to close above 60,000 for the first time ever, led by gains in semiconductor- and artificial intelligence-related stocks. The index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section climbed 821.18 points, or 1.37 pct, from Friday to end at 60,537.36. The broader TOPIX index rose 18.69 points, or 0.50 pct, to 3,735.28. The market responded positively after a U.S. news website reported that Iran had presented the United States with a new proposal regarding the reopening of the Strait of Hormuz, a key oil shipping chokepoint, and an end to their conflict. The Nikkei average rose above 60,900 at one point. “The risk of crude oil prices staying high has receded slightly, providing a sense of security,” said an official of a Japanese securities firm. The Tokyo market also received a boost from the tech-heavy U.S. Nasdaq Composite Index’s record-high close on Friday. U.S. chip giant Intel Corp.’s strong earnings report fueled growth expectations for the AI sector. Shares of machine tool maker Fanuc Corp. and other companies that announced strong earnings and aggressive shareholder return measures also attracted buying interest. “Whether the Nikkei average will stay above 60,000 depends on upcoming earnings reports,” the brokerage official said. END [Copyright The Jiji Press, Ltd.]