The Nikkei Stock Average briefly rose above ¥70,000, marking a recovery to a level not seen for approximately 3 months. Buying focused on technology stocks as expectations for US rate hikes receded.
In Tokyo trading at the start of the week, the Nikkei Stock Average briefly rose above ¥70,000, recovering to a level not seen since 6 July. Buying spread, particularly among high-tech stocks, as expectations for US rate hikes receded at the end of the previous week.
As of 11:00 a.m., the Nikkei was up ¥1,652.11 at ¥69,961.57, with the gain from the previous day exceeding ¥1,700.
The rise was attributed to buying in the domestic market, following the risk-on trend prompted by receding expectations for rate hikes in the US.
Investors are expected to closely monitor future US interest-rate trends and the earnings performance of domestic companies.