Nikkei Hits All-Time High near 63,000 with Record Gain

Tokyo, May 7 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average posted a record single-day gain of about 3,300 points to hit an all-time closing high near 63,000 on Thursday, amid hopes for an early end to the U.S.-Iran conflict. The index of 225 selected issues on the Tokyo Stock Exchange’s top-tier Prime section closed at 62,833.84, up 3,320.72 points, or 5.57 pct, from Friday after briefly topping the 63,000 threshold in the afternoon. The Tokyo market was closed from Monday through Wednesday for national holidays. The broader TOPIX index advanced 111.76 points, or 3.00 pct, to 3,840.49. Following the five-day market closure, Tokyo stocks shot up from the start of Thursday’s session, tracking overnight gains in U.S. equities on a media report that the United States and Iran were nearing a deal to end their conflict. A plunge in U.S. crude oil futures also helped improve overall investor sentiment, though some oil-related stocks were sold. “The Nikkei average was pushed up by sharp gains in stocks related to artificial intelligence and semiconductors, following a spate of positive news about technology companies in the United States (during the Golden Week holiday period in Japan),” said an official of a major brokerage firm. END [Copyright The Jiji Press, Ltd.]