TOKYO: Japan’s Nikkei share average rose on Monday, nearing the all-time high it scaled last week, as optimism over the red-hot artificial intelligence sector outweighed concerns about the Middle East crisis.
The benchmark Nikkei 225 Index rose 0.60 percent to close at 58,824.89 compared with its record intraday level of 59,688.10 touched on Thursday. The broader Topix climbed 0.43 percent to 3,777.02. The benchmark S&P 500 and the tech-heavy Nasdaq both climbed to their third record close in a row on Friday after Iran said it would open the Strait of Hormuz shipping lane for oil.
But hopes for a lasting ceasefire faded over the weekend after the United States said it had seized an Iranian ship that tried to run its blockade and Iran vowed to retaliate.
“The trend of major US indices hitting record highs across the board, along with expectations for the AI sector and corporate earnings, are providing support for Japanese stocks,” Takayuki Miyajima, senior economist at Sony Financial Group, said in a note.
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