Japan's Nikkei closes at 34-year peak on dovish BOJ; tech shares soar
© Reuters. FILE PHOTO: A pedestrian is reflected on a glass of a business building while an electric board showing Nikkei index is seen in the building at a business district in Tokyo, Japan January 23, 2024. REUTERS/Kim Kyung-Hoon/File Photoshare average closed at the highest level in 34 years on Thursday, surging more than 2% after a high-ranking Bank of Japan official signaled that any policy tightening would be gradual.
BOJ Deputy Governor Shinichi Uchida said in a speech that came in the middle of the morning trading session that conditions were falling into place for an exit from massive stimulus, but"even if the BOJ were to end our negative interest rate policy, it's hard to imagine a path in which it would then keep raising the interest rate rapidly."
Gains for U.S. semiconductor shares overnight lifted Nikkei chip-sector heavyweights like Tokyo Electron and Advantest, which gained 3.35% and 7.56% respectively.) Group provided the biggest boost in terms of index points, vaulting 11.06% after key holding Arm forecast sales and profit exceeding the market's expectations.
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