Japan stocks hit record highs on Venezuela oil outlook
Japan’s main stock indexes closed at record highs on Tuesday, buoyed by strong buying amid expectations that U.S. companies may gain access to Venezuelan resources following recent developments involving the oil-rich country.
The Nikkei Stock Average, comprising 225 issues, climbed 685.28 points, or 1.32 percent, from Monday to finish at 52,518.08, exceeding the previous all-time high recorded on Oct. 31 last year, News.Az reports, citing Kyodo.
The broader Topix index also reached a historic peak, rising 60.92 points, or 1.75 percent, to end the session at 3,538.44.
Gains were seen across nearly all industry sectors on the Prime Market, with advances led by oil and coal product makers, securities firms, and real estate companies.
In the foreign exchange market, the U.S. dollar briefly strengthened into the upper 156 yen range in Tokyo, as Japanese importers sold the yen, according to dealers.
At 5 p.m., the dollar was trading at 156.32-34 yen, compared with 156.35-45 yen in New York and 156.97-99 yen in Tokyo at the same time on Monday.
The euro was quoted at $1.1728-1730 and 183.34-38 yen, compared with $1.1716-1726 and 183.31-41 yen in New York, and $1.1687-1688 and 183.46-50 yen in Tokyo late Monday afternoon.
The yield on the benchmark 10-year Japanese government bond rose 0.015 percentage point from Monday’s close to 2.130 percent, marking its highest level since February 1999. The rise came as bonds were sold on expectations that the Bank of Japan will implement further interest rate hikes.
Japanese equities followed overnight gains on Wall Street, where the Dow Jones Industrial Average closed at a record high after President Donald Trump said he intends to rebuild Venezuela’s energy sector, a country that holds the world’s largest oil reserves.
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