Nikkei Rebounds above 61,000 after 5-Day Fall

Tokyo, May 21 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average surged past 61,000 to snap a five-session losing streak on Thursday amid receding concerns over the U.S.-Iran conflict. The index of 225 selected issues on the Tokyo Stock Exchange’s top-tier Prime section closed at 61,684.14, up 1,879.73 points, or 3.14 pct, from Wednesday, the first finish above 61,000 since Friday. It briefly climbed over 2,200 points during Thursday’s session. The broader TOPIX index gained 62.16 points, or 1.64 pct, to close at 3,853.81. Because the Nikkei average had lost over 3,400 points over the past five trading days, stock prices were seen as “reasonable” and there were moves aiming to buy on dips, an official from a major securities firm said. On Wednesday, crude oil prices fell after U.S. President Donald Trump said negotiations with Iran have reached the final stage, and major U.S. stock indexes, which had been declining due to concerns about inflation, staged a solid rebound. This prompted a buying trend in the Tokyo stock market as well. After reports that OpenAI is preparing to file for an initial public offering soon, SoftBank Group, which invests in the artificial intelligence powerhouse, soared, pushing the Nikkei index sharply higher. With recent declines leaving stocks looking more attractively priced, investors were quick to react to positive news with buying, an official of a domestic securities firm said. END [Copyright The Jiji Press, Ltd.]