Japan’s Nikkei hits all-time high

TOKYO: Japan’s Nikkei share average surged to an all-time high on Thursday, crossing 42,000 points for the first time as an overnight rally in US stocks boosted investor sentiment.

The Nikkei ended 0.94% higher at 42,224.02, securing a third consecutive record high close this week. The benchmark index had hit a record intraday high of 42,426.77 points in early trading.

The broader Topix finished up 0.69% at a record high close of 2,929.17.

All three of Wall Street’s main stock indexes performed strongly on Wednesday ahead of inflation data and quarterly earnings reports due this week, kicking off a widespread rally in Japanese shares.

Of the Nikkei’s 225 constituents, 180 shares advanced, including index heavyweight and Uniqlo parent firm Fast Retailing which gained 2.3% to give the index the biggest lift.

Semiconductor-related shares followed their US peers higher after strong quarterly revenue results from Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker.