Tokyo Stocks Bounce Back, Driven by Wall Street Gains
(MENAFN)
Tokyo's stock market saw a strong rebound on Wednesday, buoyed by Wall Street’s recent performance and growing optimism over a potential U.S. Federal Reserve rate cut next week.
The benchmark Nikkei 225 closed at 43,837.67, marking a gain of 378.38 points, or 0.87%, from the prior day. This surge was driven by investor sentiment, which improved after U.S. stocks rose, fueled by expectations of a rate cut by the Federal Reserve.
Speculation about a possible rate hike by the Bank of Japan (BOJ) resurfaced following reports that the central bank had not dismissed the idea of tightening monetary policy this year, despite ongoing political uncertainty. The renewed speculation lifted long-term interest rates and sparked buying activity in banking stocks, with Mitsubishi UFJ among the top beneficiaries.
The broader TOPIX index advanced by 18.85 points, or 0.60%, to close at a record 3,140.97, further signaling positive market sentiment.
On the Tokyo Stock Exchange Prime Market, however, market breadth was skewed as decliners outnumbered advancers, with 952 stocks declining compared to 616 rising, while 50 stocks remained unchanged.
Tokyo's stock market saw a strong rebound on Wednesday, buoyed by Wall Street’s recent performance and growing optimism over a potential U.S. Federal Reserve rate cut next week.
The benchmark Nikkei 225 closed at 43,837.67, marking a gain of 378.38 points, or 0.87%, from the prior day. This surge was driven by investor sentiment, which improved after U.S. stocks rose, fueled by expectations of a rate cut by the Federal Reserve.
Speculation about a possible rate hike by the Bank of Japan (BOJ) resurfaced following reports that the central bank had not dismissed the idea of tightening monetary policy this year, despite ongoing political uncertainty. The renewed speculation lifted long-term interest rates and sparked buying activity in banking stocks, with Mitsubishi UFJ among the top beneficiaries.
The broader TOPIX index advanced by 18.85 points, or 0.60%, to close at a record 3,140.97, further signaling positive market sentiment.
On the Tokyo Stock Exchange Prime Market, however, market breadth was skewed as decliners outnumbered advancers, with 952 stocks declining compared to 616 rising, while 50 stocks remained unchanged.
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