2024-01-17 08:34:42
And he went up Nikkei index Initially due to the decline in the yen, which supported earnings expectations Companieswhile chip-related stocks followed suit US stocks Which recorded gains yesterday despite the decline of the three indices on Wall Street.
But the Nikkei fell sharply in the middle of the session after rising by 1.83 percent to the highest level since February 1990 at 36,239.22 points.
The index’s decline accelerated near the close, and it ended its transactions down 0.4 percent to 35,477.75 points, which is slightly more than the lowest level during the day.
“The Japanese market has had a very strong performance since the beginning of the year. So it is natural that we will see some profit-taking,” said Shinji Abe, a strategist at Daiwa Securities.
The Nikkei is up as much as 8.31 percent so far in 2024, significantly outperforming other major markets.
The yen fell overnight against the dollar, which is recording a recovery, and all three major Wall Street indexes fell after Federal Reserve Governor Christopher Waller indicated that market expectations for an interest rate cut were exaggerated.
Stefan Hofer, chief investment strategist at LGT Bank Asia, said the Nikkei’s rise was mainly driven by foreign investors, who were attracted to Japanese stocks because of the relatively better state of the domestic economy.
He said: “In Japanwe now move from contraction to condition Inflation And the Japanese are already spending. “This is driving earnings growth… We think this will continue in 2024 and perhaps in 2025.”
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