Japan Nikkei Closes Friday at 38,062, Ending Two-Week Slump

Aug 16, 2024 | News On Japan

TOKYO - Tokyo's Nikkei closed at 38,062 on Friday, an increase of 1,336 points compared to the previous day, marking a return to levels last seen about two weeks ago.

The Nikkei Average saw a significant increase of over 1,400 during the day, briefly boosting its value before closing the week at the two-week high.

On August 16th, the Nikkei Average started trading up nearly 600 points from the previous day, with buying spreading across a wide range of stocks. In the afternoon, it briefly surged by over 1,400.

This marks the first time in about two weeks that the Nikkei Average has recovered to the 38,000 level.

The surge was largely influenced by the positive economic indicators from the U.S., which exceeded market expectations, reinforcing the perception of the resilience of the American economy.

Additionally, the depreciation of the yen, which temporarily reached the 149 yen mark against the dollar in the foreign exchange market, provided further tailwinds.

The final price was 38,062, up 1,336 from August 15th.

Source: ANN

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