TOKYO - The Nikkei Stock Average rebounded sharply on May 21st after falling below 60,000 at the previous day's close, briefly rising more than 2,200 points as hopes grew for progress in talks toward ending the fighting between the United States and Iran, while SoftBank Group gave the market a major boost following reports that OpenAI was preparing to file for an initial public offering.
Buy orders spread across a wide range of shares on the Tokyo Stock Exchange, pushing the Nikkei average up by more than 2,200 points at one stage. The index briefly recovered to the 62,000 range in the afternoon before ending the day at 61,684, up 1,879 points from the previous close.
Investor sentiment improved on expectations that negotiations could move forward toward ending the conflict between the United States and Iran, prompting buying across broad sectors.
AI- and semiconductor-related shares also rose after U.S. chip giant Nvidia reported strong earnings.
SoftBank Group, which has invested in OpenAI, climbed after reports emerged that the U.S. artificial intelligence company was preparing to apply for a stock market listing, helping lift the overall Nikkei average.
Source: TBS
