Japanese stocks hit 33-year high

A weak yen and investor optimism about the US debt ceiling pushed the Nikkei 225 index to its highest since 1990.

In just the first 10 minutes after the opening of the trading session on May 29, the Nikkei 225 index (Japan) reached 31,560 points - the highest since July 1990. The increase then narrowed, causing the index to close the session at 31,233 points, up 1.03%.

Masahiro Ichikawa, market strategist at Sumitomo Mitsui DS Asset Management, said the Nikkei is heavily influenced by technology stocks. Chip-related stocks continued to perform well today thanks to the artificial intelligence (AI) craze.

Shares of telecommunications giant SoftBank rose more than 8% on news that Arm, the company's UK subsidiary, launched new chip technology that will be used by smartphone chip maker MediaTek (Taiwan, China) for future products.

Shares of chip testing equipment maker Advantest rose more than 4%, bringing its total gain over the past three sessions to nearly 26%.

Another factor that pushed up the Japanese stock market was that US President Joe Biden said on May 28 that he had completed a debt ceiling agreement with House Speaker Kevin McCarthy and was ready to send it to the US Congress for a vote.

"This deal still has many risks. However, both sides have agreed to prevent the US from defaulting. Nikkei today surpassed the psychological barrier of 31,500, but failed to hold on to it by the end of the session. This week, I think the index will continue to go up," said Maki Sawada, a strategist at Nomura Securities.

The yen’s fall against the dollar also helped the Nikkei 225 advance today. For the first time in six months, each dollar bought 141 yen. Many companies in the Nikkei 225 are exporters, so a weaker yen will help their overseas earnings when converted into yen.

Honda Motor shares rose 1.28%. Subaru shares rose 1.67%. Of the 225 stocks in the Nikkei, 165 closed up.

Ha Thu (according to Reuters)

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