Japan’s Nikkei index broke a record on Wednesday, surpassing 43,000 points for the first time in its history and extending its rise for the sixth trading day. Rising 1.7% during the day to 43,451.46, the Nikkei closed the day at a record high of 43,274.67. Thus, the index has risen a total of 7.4% since August 4th.
The broader Topix index also rose 1.2% to reach a new all-time high of 3,103.31, closing the day at 3,091.91 points.
This rally came after the S&P 500 and Nasdaq hit record highs on Wall Street following July inflation data, fueling expectations of interest rate cuts. Technology stocks led the way, with Renesas Electronics rising nearly 7%, Advantest 5.4%, and Sony 3.5%. Asics showed the strongest performance, driven by its financial results. The stock jumped 18% to become Topix’s top performer.Analysts remind that after the rise, the RSI index rose above 75, signaling overheating, and a sharp correction could come at any moment.
