Tokyo Stocks Surge for Third Straight Session
(MENAFN) Tokyo equities climbed for a third straight session on Wednesday, driven by a softer yen and growing investor belief that the Bank of Japan will tread carefully on future interest rate hikes.
The Nikkei 225, Japan’s leading stock index, ended the day at 38,885.15 — a gain of 348.41 points, or 0.9%, from Tuesday’s close.
Initially weighed down by overnight losses on Wall Street and escalating tensions in the Middle East, especially between Israel and Iran, the market reversed course mid-session. The yen's depreciation to the 145 level against the U.S. dollar sparked renewed interest from overseas short-term players, particularly commodity trading advisors, triggering a rally fueled by futures contracts.
The broader Topix index followed suit, adding 21.40 points, or 0.77%, to finish at 2,808.35 — also marking its third consecutive daily gain.
On the Tokyo Stock Exchange Prime Market, advancing issues outnumbered decliners by more than 2 to 1. A total of 1,092 stocks closed higher, 461 fell, and 74 ended flat.
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