Business | May 29

Nikkei hits highest since July 1990 on weak yen, US optimism

TOKYO, May 29 (yahoo.com) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen.

Shares of Japanese chip-related companies continued to outperform after AI euphoria lifted Wall Street peers.

The Nikkei jumped as high as 31,560.43 within the first 10 minutes of trading, although gains mitigated to see the index enter the midday break up 1.32% at 31,325.84, close to the session low.

The Nikkei's higher weightage towards exporter stocks saw it reap greater gains from the yen's drop to the cusp of 141 per dollar for the first time in six months. A weaker currency buoys the value of overseas revenue. ...continue reading

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