Japan Stock Market Records 9th Largest Surge Ever... Major Asian Markets Also Rise

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Tokyo Stock Exchange, which had been struggling due to the spread of the novel coronavirus infection (COVID-19), has recovered the 18,000-point level.

On the 24th, the Nikkei 225 index on the Tokyo Stock Exchange closed at 18,092.35, up 7.13% (1,204.57 points) from the previous day. This is the first time in 7 days since the 12th that the closing price has recovered the 18,000-point level.

The Nikkei 225's daily increase exceeding 1,200 yen is the first time in about four and a half years since September 9, 2015, marking the 9th largest growth in history.

The TOPIX index closed at 1,333.10, up 3.18% (41.09 points).

The Nihon Keizai Shimbun analyzed the background of the rise, stating, "There was a movement to buy back stocks as expectations spread that the large-scale purchase of exchange-traded funds (ETFs) by the Bank of Japan would put a brake on the stock price decline."

NHK reported, "Expectations are spreading that the Trump administration in the United States might quickly establish a large budget exceeding 2 trillion dollars, and the excessive caution about the global economic slowdown has somewhat eased, which seems to have influenced the rise in stock prices."

Meanwhile, major Asian stock markets also rose on the same day. As of 3:28 PM, the KOSPI index was trading at 1,603.23, up 8.15% (120.77 points). The KOSDAQ index was also trading at 479.01, up 7.94% (35.25 points).

At the same time, the Hong Kong Hang Seng index was trading at 22,725, up 4.74% (1,028.87 points), and the Shanghai Composite index was trading at 2,716.38, up 2.11% (56.21 points).

The Taiwan Weighted Index was trading at 9,285.62, up 4.45% (395.59 points).

This content was produced with the assistance of AI translation services.