HomeLatest NewsAsian Stock Markets Rise, Japan's Nikkei Approaches Record High

Asian Stock Markets Rise, Japan’s Nikkei Approaches Record High

Asian Stocks Rise, Japan’s Nikkei Nears Record High

Investing.com– Most Asian stocks rose on Friday

Most Asian stocks rose on Friday, following a strong performance by Wall Street. Japan’s Nikkei 225 index continued to make significant gains and was approaching a record high.

Wall Street Bourses End on a High Note

Wall Street bourses ended higher, driven by strong gains in the energy sector as oil prices rebounded. There was also unexpected data showing a drop in through January, fueling hopes for early interest rate cuts by the Federal Reserve.

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Asian Markets React to Futures and Tech Stocks

and futures fell slightly in Asian trade, while rose 0.1%. This was buoyed by increased hype over artificial intelligence development.

Tech Stocks Boosted by AI Hype

Tech-heavy bourses in Asian markets saw the strongest gains, with tech stocks on the rise. Hong Kong’s index and South Korea’s both added 0.7%, while Australia’s rose 0.5%, supported by gains in the tech sector.

Chipmaking Stocks See Significant Gains

Chipmaking stocks, particularly TSMC (TW:) (NYSE:), the world’s largest contract chipmaker by output, experienced over a 10% gain this week and were trading close to a record high hit earlier in the week.

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Japan’s Nikkei 225 Nears Record High

The Nikkei 225 trimmed some gains but was still trading up 0.8% at 38,485.0 points, approaching a 34-year high and trading just below a lifetime peak of 38,915 points.

Japanese Stocks Buoyed by Interest Rate Speculation

Japanese stocks were buoyed by increasing bets that the Bank of Japan will further delay its plans to begin raising interest rates, especially in the wake of data showing a contraction in the Japanese economy in the fourth quarter.

Positive Projections for Japanese and Broader Asian Markets

Analysts at Citi projected further rallies in Japanese stocks, anticipating the Nikkei to reach 45,000 points and the TOPIX to reach 3,100 points, implying significant upside from current levels.

Broader Asian Markets Advance

Broader Asian markets also advanced, with and shares rising 0.4% each, while futures for India’s index pointed to a mildly positive open.

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