Nikkei Hits 59,000 Intraday for First Time...Another Record High
The Nikkei 225 average, Japan's benchmark stock index, surpassed the 59,000 mark for the first time on the 26th.
At around 1:55 p.m. that day, the Nikkei index was trading at 58,698.65, up 0.2% from the previous session.
During the session, it climbed as high as 59,332, marking an intraday all-time high for the second consecutive day.
Nihon Keizai Shimbun (Nikkei) explained that the rise in the U.S. stock market the previous day, together with the weak yen and strong dollar trend, had an impact.
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The Japanese government's appointment of two dovish figures as members of the Bank of Japan (BOJ) Policy Board also appears to have affected the stock market. The previous day, the Japanese government submitted to the Diet a personnel proposal to appoint Doichiro Asada, professor emeritus at Chuo University, and Ayano Sato, professor at Aoyama Gakuin University, as the next policy board members. Analysts say this reflects the intentions of Japanese Prime Minister Sanae Takaichi, who favors monetary easing. There were also reports that, during a meeting with BOJ Governor Kazuo Ueda on the 16th, Prime Minister Takaichi expressed reluctance about raising interest rates.
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