Japan’s Nikkei hits all-time high as markets track Wall Street rally

TOKYO: Japan’s Nikkei share average surged to a record high on Tuesday, playing catch-up with Wall Street’s recent two-day rally after a public holiday in the Asian nation.

Investor sentiment was further lifted by a sharply weaker yen than when Tokyo last closed on Friday, as a softer currency increases the value of overseas earnings for Japan’s export-heavy corporations.

Japanese investors, like global peers, mostly appeared unfazed by the US Justice Department’s criminal investigation of Federal Reserve Chair Jerome Powell.

The Nikkei jumped 3.6% to a record 53,814.79 within the first 10 minutes of trade.

The broader Topix rose as much as 2.4% to as high as 3,599.31, also a record peak.

Overnight, the Dow and S&P 500 both climbed to all-time peaks, with tech shares among the outperformers.

Standouts in early trading in the Nikkei included Toyota Motor, which advanced 5%, and chip-testing equipment maker Advantest, with a nearly 6% jump.