Tokyo's Nikkei Index Closes At Fresh All-time Record

Tokyo's key stock index closed at an all-time high on Thursday, helped by a cheap yen and tracking a record on Wall Street after the Federal Reserve indicated interest rates would be cut three times this year

Tokyo, (UrduPoint / Pakistan Point News - 21st Mar, 2024) Tokyo's key stock index closed at an all-time high on Thursday, helped by a cheap yen and tracking a record on Wall Street after the Federal Reserve indicated interest rates would be cut three times this year.

The benchmark Nikkei 225 index jumped 2.03 percent, or 812.06 points, to end at 40,815.66, while the broader Topix index climbed 1.64 percent, or 45.24 points, to 2,796.21.

The dollar fetched 150.96 yen, against 151.36 yen in New York late Wednesday.

The Tokyo market started "trading sharply higher after central banks in Japan and the United States ended their policy meetings without causing turmoil", IwaiCosmo Securities said.

Major stocks led the Nikkei higher, and while some investors were vigilant against overheating, gains continued to widen, the brokerage added.

The yen's fall came after the Bank of Japan indicated that monetary policy would remain loose, even after it abandoned its negative interest rate policy on Tuesday.

Among major shares in Tokyo, SoftBank Group soared 5.01 percent to 9,263 yen, Toyota jumped 3.37 percent to 3,799 yen and Uniqlo operator Fast Retailing climbed 2.80 percent to 46,860 yen.