Japanese stocks remained firm on 6 October, with the Nikkei Average returning to the ¥70,000 range at the close for the first time in 3 months. U.S. stocks continued to rise, and views are spreading that the BOJ’s accommodative stance is a factor behind the trend.
On 6 October, the Nikkei Average ended trading at ¥70,683, up ¥737 from the previous day, returning to the ¥70,000 range at the close for the first time in about 3 months. More than 70% of stocks on the TSE Prime Market rose, with semiconductor-related stocks leading the market higher.
In the U.S. market, the S&P 500 rose 0.66% and the Nasdaq reached a new record high, extending the stock market rally. Meanwhile, U.S. long-term interest rates and the dollar remained firm, while gold fell to the $4,100 range and BTC declined to the $85,000 range.
BOJ Governor Ueda has indicated that domestic financial conditions remain accommodative even after the rate hike in September. While stock prices continue to rise in both Japan and the U.S., the outlook is for interest rates to remain elevated.
As a key indicator, the Nikkei Average returned to the ¥70,000 range for the first time in about 3 months. In Europe, expectations for additional rate hikes are receding amid a weaker euro and rising interest rates, keeping interest-rate trends in focus across global markets.