Nikkei 225 Hits Another All-Time High, Up 0.77%
The Nikkei 225, Japan's leading stock market index, continued its strong rally by hitting another intraday all-time high on August 18, following last week's record-breaking performance.
On this day, the Nikkei 225 closed at 43,714, up 336 points (0.77%) from the previous trading session.
At 12:42 p.m., the index reached 43,835, coming close to the 44,000 mark.
Nikkei reported that the upward momentum was driven by sectors other than the previously strong semiconductor and electric machinery stocks. In fact, Tokyo Electron fell by 2.14% and Sony Group declined by 2.54% on the day. Bank stocks, which had surged last week on expectations of a Bank of Japan (BOJ) rate hike, also saw significant declines. In contrast, there was broad-based buying interest in retail stocks such as Mitsukoshi Isetan Holdings and in automobile stocks including Suzuki.
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NHK explained that buying momentum continued as optimism spread regarding the U.S. economy, which is not seen as weakening, and as Japan's second-quarter economic growth rate exceeded market expectations.
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