Nikkei index tops 38000 mark

Japanese shares rose today amid thin trades overall. The Nikkei average topped the 38,000 mark for the first time since the asset bubble burst in 1990 before jumping 2.89% to close at 37,963.97. The broader Topix index surged 2.12% to 2,612.03 led by tech-related shares.

Economic data data showed producer prices in the country edged up 0.2% from a year earlier in January, up for the 35th consecutive month.

In another critical data release, Japan's machine tool orders dropped for the thirteenth straight month in January, largely due to weak domestic demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed Tuesday.

 

Machine tool orders slipped 14.1% year-on-year in January, following the 9.6% decline in the previous month. Domestic demand was down 29.7% in January compared to last year while foreign orders contracted by 6.2%. On a monthly basis, machine tool orders fell 12.8% in January, after a 9.7% growth in December.

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