Japan Market surges near to record high

Japan stock market finished session near record high on Friday, 1 March 2024, on tracking positive lead from Wall Street overnight after the US inflation data met the market's expectations and optimism surrounding artificial intelligence

The 225-issue Nikkei Stock Average index surged by 744.63 points, or 1.91%, to finish at 39,910.82. The broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 33.69 points, 1.26%, to 2,709.42.

Total 27 of 33 Topix sectors ended higher. Mining was the best performing sector, gaining 2.6%, followed by Oil & Coal Products (up 2.07%), Electric Appliances (up 2.05%), Marine Transportation (up 2.03%), Insurance (up 1.94%), Banks (up 1.82%), and Real Estate (up 1.78%) sectors.

ECONOMIC NEWS: Japans unemployment rate dropped to 2.4% in January, from a revised 2.5% recorded in the previous month, but the purchasing managers index for manufacturing activity fell to 47.2 in February. A PMI reading under 50 represents a contraction compared to the previous month.

CURRENCY NEWS: Japanese yen depreciated to lower 150 yen range against greenback on Friday. The yen was changing at 150.40 per US dollar compared 149.93 on Thursday.

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