MARKETS Japan's Nikkei average closes above 35,000, highest since February 1990 Weak yen pushes export-related stocks up, while semiconductor shares preferred The Nikkei Stock Average exceeds the 35,000 mark on Jan. 11, its highest level since February 1990. (Photo by Nanami Sato) Nikkei staff writersJanuary 11, 2024 09:57 JSTUpdated on January 11, 2024 15:56 JST TOKYO -- The Nikkei Stock Average rose for a fourth straight day in the Tokyo Stock Exchange on Thursday, exceeding the 35,000 yen threshold, the highest level since February 1990. Tokyo shares were buoyed by the weak yen and gains in high-tech stocks in the U.S. stock market on Wednesday. The stock average gained 608 yen on the day, closing at 35,049 yen. The gain widened in the afternoon to more than 700 yen at one point. In addition to semiconductor shares, high-dividend stocks continued to be preferred. Some market participants believe that the newly overhauled Nippon Individual Savings Account program, a tax-exempt vehicle for investing, is helping to lead fund inflows from retail investors. The weakening currency against the dollar in the foreign exchange market also supports export-related stocks. The rise in U.S. tech stocks also boosted purchases of semiconductors, including Tokyo Electron. Hitachi rose as much as 5% to an all-time high. The Sony Group rose 4% to its highest level since the beginning of 2023, and Toyota Motor also went up as much as 4%. "Buying has gained momentum after breaking the upper end of the trading range seen in late 2023," Mamoru Shimode, chief strategist at Resona Asset Management, told Nikkei. "Due in part to the Tokyo Stock Exchange's efforts to improve capital efficiency, there has been a buy-in from overseas investors who see Japanese stocks as promising."
strange ... many reporters are still sleeping. India Sensex / Nifty has been breaking record highs for the past few days/weeks.