On Tuesday, Tokyo's Topix index closed at its best level in about 33 years, while the Nikkei reached a new one-month high as the yen fell against the US dollar. From Monday’s close, the 225-issue Nikkei Stock Average closed by 0.92% higher at 33,476.58. The Topix index as a whole finished 14.80 points, higher at …
On Tuesday, Tokyo’s Topix index closed at its best level in about 33 years, while the Nikkei reached a new one-month high as the yen fell against the US dollar. From Monday’s close, the 225-issue Nikkei Stock Average closed by 0.92% higher at 33,476.58. The Topix index as a whole finished 14.80 points, higher at 2,337.36, its highest close since July 1990.
Gainers in the top-tier Prime Market included electric power and gas, maritime transportation, and transportation equipment. According to brokers, the US dollar surged to the upper 142-yen level on anticipation that the interest rate disparity between the US and Japan will expand as the Bank of Japan maintains its ultra-easy monetary policy. The dollar was worth 142.71-73 yen as compared to 142.22-32 yen in New York and 142.17-18 yen in Tokyo by 5 p.m.
The yield on the benchmark 10-year Japanese government bond fell 0.010 percentage point from close to 0.590 percent on Monday, as safe-haven debt was purchased on hopes that the BOJ will maintain its ultra-easy policies. The Dow Jones index closed overnight at its highest level since February 2022, tracking overnight gains on Wall Street, while the falling Japanese yen helped export-oriented stocks.
According to economists, the Nikkei index has remained top-heavy since investors have been taking profits since the benchmark exceeded the 33,000 psychological thresholds. Toyota Motor climbed 2.5 percent to 2,445.5 yen after the manufacturer reported a record 1.31 trillion-yen net profit in the April-June quarter. Mazda Motor increased 1.8 % to 1,431.5 yen, while Nissan Motor rose 22.8 yen to 645.8 yen as a result of the weak yen.
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