Nikkei Index Surpasses 52,000 Mark Intraday for the First Time Ever
The Nikkei 225, Japan's leading stock market index, surpassed the 52,000 mark for the first time ever during intraday trading on October 31.
During the morning session, the Nikkei 225 rose by more than 1,000 points from the previous day, reaching 52,391 at one point.
As of around 10:25 a.m. on the same day, the index was hovering around the 52,020 level.
The Nikkei 225 first surpassed the 50,000 mark on October 27, and then broke through the 51,000 level on October 29.
The Nikkei newspaper analyzed that, in addition to strong earnings from U.S. technology companies, growing expectations in the market that the Bank of Japan (BOJ) would be cautious about additional rate hikes contributed to the stock market's upward momentum.
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The previous day, Kazuo Ueda, Governor of the Bank of Japan, stated at a press conference following the monetary policy meeting that he would like to confirm the initial momentum of next spring's labor-management negotiations (Shunto) before determining the future path of interest rates. The Nikkei explained that, as a result, economists see the likelihood of a rate hike in December as having diminished, which has strengthened buying sentiment in the stock market.
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