TOKYO: Japan’s Nikkei share average soared to a record-high close on Friday as AI shares rallied on the back of gains for US peers.
The Nikkei ended the day up 2.7 percent at 63,339.07, despite failing to breach the all-time intraday peak of 63,799.32 from May 14.
The broader Topix added 1 percent to 3,892.46.
A closely watched US chip share gauge, the Philadelphia SE Semiconductor Index, advanced 1.3 percent overnight.
Japanese equities have stormed back from multi-week lows hit on Wednesday, buoyed in large part by signs the Iran war may be reaching a conclusion, which have also helped lower oil prices and global bond yields.
“While the correction in Japanese equities - particularly AI stocks - could linger, we do not expect it to become prolonged or severe,” BofA Securities strategists Masashi Akutsu and Tetsuhiro Takuyama wrote in a report.
“From a medium-term perspective, we maintain a preference for AI-related names and a bullish stance on Japanese equities.”
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