2024-02-29 14:33:33
The Japanese Nikkei 225 stock index on Thursday updated its all-time high, exceeding 39 thousand points for the first time since 1989. This is evidenced by trading data from the Tokyo Stock Exchange, Day.Az reports with reference to Gazeta.ru.
At the end of trading on February 22, the Nikkei 225 index rose 2.19% and closed at 39,098.68 points.
The previous record was recorded more than 30 years ago, in December 1989, at 38,957.44 points. It was then set against the backdrop of the 1980s economic bubble in Japan.
The Japanese index has already risen more than 16% this year. The growth continued against the background of a rally in shares of technology companies after the publication of financial results of the American NVIDIA. As Reuters notes, NVIDIA’s revenue in the last quarter increased by 265%, to $22.1 billion, and net profit amounted to $12.29 billion.
“NVIDIA’s earnings growth was just the perfect catalyst for Japanese stocks to reach record highs,” Charu Chanana, an analyst at Saxo Capital Markets, told the publication.
In addition, the dynamics of the Nikkei 225 are affected by the weakening of the yen, which is positive for exporters, as well as the growth of corporate income amid improved corporate governance in companies, the agency notes.
Subscribe to our WhatsApp channel and stay up to date with the main news!