Nikkei Tops 58,000 for 1st Time in Morning

Tokyo, Feb. 12 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average hit a new record intraday high above 58,000 on Thursday morning, with semiconductor issues drawing purchases on the back of their U.S. peers’ overnight rises. At 9:48 a.m., the Nikkei index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section stood at 58,015.08, up 364.54 points, or 0.63 pct, from Tuesday, before erasing the gains to end the morning session in negative territory. The Tokyo market was closed on Wednesday for a national holiday. Tokyo stocks were also supported by continued buying on expectations for economic policies of Japanese Prime Minister Sanae Takaichi, also president of the ruling Liberal Democratic Party, following the party’s landslide victory in Sunday election for the House of Representatives, market sources said. U.S. employment data for January, released on Wednesday, that showed a firm job market situation in the country contributed to a sense of security in buying as well. Meanwhile, the Tokyo stock market’s upside was capped by concerns of overheating following the Nikkei’s record-breaking advances and the yen’s strengthening against the dollar on the foreign exchange market, the sources said. In Tokyo currency, the greenback met with selling amid persistent expectations of U.S. interest rate cuts, standing at 152.85-66 yen at 11 a.m., down from 155.56-57 yen at 5 p.m. Tuesday. END [Copyright The Jiji Press, Ltd.]