From Nasdaq:

Tokyo’s Nikkei share average hit its highest level since March 1990, rising 1.44% to 33858.63 by mid-day, with 151 of the 225 stocks advancing. Chip-related stocks led the rise, following Nvidia and Advanced Micro Devices’ surge. Tokyo Electron and Advantest lifted the index around 200 points, while Nintendo rose 4.22%.

The broader Topix index was up 0.93%, with energy shares among the worst performers. The Nikkei clocked its best year in a decade in 2023, followed by a 1.6% rally in 2024. However, concerns arose over the near-term outlook due to Fed and Bank of Japan policy decisions and a 4% fall in oil prices.

Energy shares suffered after oil prices fell about 4% on Monday, leading to a 1.55% drop in the Tokyo Stock Exchange’s mining stock sub-index. The Nikkei’s success in 2023 and early 2024 was overshadowed by concerns for the near-term outlook, as markets brace for policy decisions by the Fed and Bank of Japan.

The broader Topix index, chip-related stocks, and energy shares tracked the Nikkei’s rises and falls, raising concerns for the near-term outlook amid policy decisions by the Fed and Bank of Japan. Opting for caution and even a pessimistic outlook over the next few months, Naka Matsuzawa, chief macro strategist at Nomura, voiced concerns over the potential impact of these decisions on the market.



Read more: Japan’s Nikkei hits 33-year high as tech stocks surge