Today, Japan's Nikkei 225 index gained over 2.00%, confirming a breakthrough of the record level of 40,000 points. The index has recorded its 7th consecutive session of growth, accumulating an increase of over 6.00%. The rise follows a good week on Wall Street and the decisions by the Bank of Japan (BoJ) and yesterday’s Federal Reserve, which were positively received by investors. Today, PMI data and trade balance for Japan were also published:
- In March, the PMI for Japanese manufacturing increased to 48.2 points, indicating a slight improvement in production conditions, although the index remains below the 50-point threshold. The increase from February's level of 47.2 was attributed to a slower pace of decline in production and new orders.
- Japan also recorded a third consecutive month of export growth, largely driven by robust vehicle shipments despite challenges in the automotive industry. The 7.8% year-over-year export growth in February exceeded economists' expectations and contributed to reducing the trade deficit.
The index closed today's trading at 40,815.66, rising by 2.03%. The upward trend was supported by a weaker yen benefiting export-oriented firms. Moreover, dovish signals from the Bank of Japan, despite its first interest rate hike in 17 years, reassured investors of continued accommodative monetary conditions in the near term. The rise in Nikkei was also buoyed by broader trends in Asian markets, with tech stocks growing amidst AI-related excitement.
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Source: xStation 5
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