TOKYO: Japan’s Nikkei share average surged past the key 51,000 level for the first time on Wednesday, underpinned by investor optimism over artificial intelligence sector investments.
The tech-heavy Nikkei 225 Index closed up 2.2 percent at an unprecedented 51,307.65, while the broader Topix index slid 0.2 percent as a rebound in the yen acted as a headwind for most exporters.
It was the biggest daily gap in returns for the gauges since August 5, 2020.
The Nikkei broke through 45,000 on September 16 and has marched through successive round numbers at a rapid clip. It may climb further, to about 63,000 by 2030, as Japan flips to an inflationary economy, corporate governance reforms advance, and new Prime Minister Sanae Takaichi pursues growth strategies, said Rakuten Securities chief strategist Masayuki Kubota.
“Although the upward pitch is a little too fast, I see it as a move that correctly assesses the value of Japanese shares.”
Comments
Comments are closed for this article.