Racing Japanese Stock Market Hits Intraday Record Again After Three Days

Japan's Nikkei 225 average stock price (Nikkei index) hit an intraday record high again on the 7th.

The Nikkei index surged at the opening and rose to 40,472. This surpassed the intraday record high of 40,314 set three days earlier on the 4th.

The Nikkei 225 average price (Nikkei index) surpassed the 40,000 mark for the first time ever on the 4th. [Image source=Yonhap News]

It then fell slightly, recording 40,310.4 around 10:58 a.m., down 0.15% compared to the previous trading day's closing price.

The Nihon Keizai Shimbun explained, "As the upward trend in U.S. tech stocks continued, semiconductor-related stocks were bought." It also analyzed that with Federal Reserve Chairman Jerome Powell reaffirming the existing stance on interest rate cuts the day before, buying has spread not only in the U.S. but also in Japanese stocks.

The Nikkei index broke the highest closing price of 38,915 recorded on December 29, 1989, during the 'bubble economy' period on February 22, closing at 39,098. On the 4th, it surpassed the 40,000 mark for the first time in history.