Tokyo stocks extend gains on U.S. tech rally
Tokyo stocks extended gains on Tuesday, as gains were driven by a rally in U.S. technology shares and a weaker yen that encouraged buying by foreign investors, News.Az reports citing Reuters.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, gained 6.12 points, or 0.01 percent, at 47,950.88, marking another record high.
In the United States, the tech-heavy Nasdaq Composite reached a new all-time high overnight, supported by expectations of upcoming Federal Reserve rate cuts, which lifted semiconductor and AI-related stocks.
The momentum carried over to Tokyo, where Advantest and SoftBank Group gained, along with AI-linked names such as Fujikura, buoying the broader market.
The yen's depreciation to the upper 150-yen per U.S. dollar also spurred buying in exporters like Toyota.
The broader Topix index rose for a third straight day, up 1.85 points, or 0.06 percent, to 3,227.91, also hitting a record high.
On the Tokyo Stock Exchange Prime Market, 800 issues rose, 747 fell, and 69 were unchanged.
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