Stocks in Japan Hit All-time High

The Nikkei 225 Index soared 2.7% to around 65,000, while the broader Topix Index added 1% to 3,930 on Monday, with Japanese equities climbing to fresh record highs as oil prices declined amid signs that the US and Iran were moving closer to a deal to reopen the Strait of Hormuz. A full reopening of the key shipping route would provide relief for major Asian economies heavily dependent on Middle Eastern oil imports, while softer crude prices also help ease inflationary pressures and concerns over additional interest rate hikes. Technology and artificial intelligence-related shares further lifted the market, with SoftBank Group now up roughly 40% over the past three sessions following reports that two of its portfolio companies, OpenAI and SB Energy, are advancing toward US initial public offerings. Other notable tech gainers included Kioxia Holdings (+5.6%), Fujikura (+6.7%), Ibiden Co (+7.3%), Advantest (+4.5%) and Lasertec (+10%).

JP225 increased to an all-time high of 64040.00 Index Points. Over the past 4 weeks, Japan Stock Market Index (JP225) gained 4.63%, and in the last 12 months, it increased 68.76%.

The Nikkei 225 Index gained 1709 points or 2.77 percent on Friday to close at 63393 points. Gains were led by Taiyo Yuden (13.46%), Softbank (11.23%) and Sumitomo Electric (10.16%).