TOKYO: Japan’s Nikkei share average closed at a record high for a fourth consecutive session on Tuesday, as investors scooped up chip-related stocks ahead of the US Federal Reserve’s crucial policy decision on Wednesday.
The Nikkei rose 0.3 percent to end the day at 44,902.27, after it crossed the key 45,000 level for the first time to hit a high of 45,055.38.
The market was closed on Monday for a public holiday.
The broader Topix rose 0.25 percent to finish at 3,168.36 on Tuesday.
The latest rally was supported by a robust corporate outlook, which prompted analysts to raise target prices for some local firms, and the expectations for a new prime minister following the decision of the current premier, Shigeru Ishiba, to resign, said Hikaru Yasuda, chief equity strategist at SMBC Nikko Securities.
The firm outlook for the global economy, underpinned by hopes of rate cuts by the Fed, also boosted the Nikkei, he said.
The Nikkei may finish the year at about the 45,000 level, but the index could briefly retreat if expectations for the US rate cuts recede and Treasury yields rise, said Yasuda.
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