Japan: Nikkei surpasses 40K level

Japan share market finished session modestly higher on Monday, 04 March 2024, with the benchmark Nikkei225 index surpassed the 40,000 level for the first time., on tracking an advance last week on Wall Street that pushed U.S. stocks to new heights. Meanwhile, the Bank of Japans easy credit policy and weakness of the Japanese currency has also helped to boost share prices.

At closing bell, the 225-issue Nikkei Stock Average index advanced 198.41 points, or 0.5%, to 40,109.23. The broader Topix index of all First Section issues on the Tokyo Stock Exchange edged down 3.14 points, 0.12%, to 2,706.28.

Semiconductor shares rallied driven by expectations for strong demand for technology associated with artificial intelligence. Tokyo Electron roared 2.4% to 39,290 yen and Advantest surged 3.7% to 7,380 yen.

 

Shipping firm Kawasaki Kisen dived 6.7% to 7,232 yen on a weak Chinese indicator for container freight.

ECONOMIC NEWS: The monetary base in Japan was up 2.4% on year in February, the Bank of Japan said on Monday - coming in at 661.668 trillion yen. Banknotes in circulation fell 0.6% on year, while coins in circulation dropped 1.8%. Current account balances gained an annual 3.1%, including a 3.1% gain in reserve balances. The adjusted monetary base slumped 7.6% at 668.572 trillion yen.

CURRENCY NEWS: Japanese yen depreciated to lower 150 range against greenback on Monday. The yen depreciated to 150.28 against greenback, softened from 150.11 on last Friday.

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