By CHINAMI TAJIKA/ Staff Writer
January 10, 2024 at 17:43 JST
An electronic stock board in Tokyo shows the Nikkei 225 index surging on Jan. 10. (AP Photo)
The Nikkei 225 index hit 34,441.72 when trading ended on Jan. 10, its first close above 34,400 since March 1990 during the asset-inflated bubble economy.
Semiconductor stocks led the surge in Tokyo, following a similar trend on the New York Stock Exchange.
At one time during trading, the benchmark index increased by more than 770 points over the previous day’s close. It ended up 678.54 points, a 2.01-percent increase.
Expectations of further monetary easing in the United States and Japan led to a rush of buy orders on the Tokyo Stock Exchange.
Weak economic statistics in the United States have stoked expectations of an interest rate hike by the Federal Reserve, while the Bank of Japan is expected to continue its ultra-loose monetary policy to provide funds for rebuilding after the Noto Peninsula earthquake.
The Nikkei average on Jan. 9 also reached a level not seen since the bubble economy. Over the two-day period, the index increased by a combined 1,000 points or so.
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