Japanese Nikkei Hits 7.5-Month High

September 14, 2018 – The Nikkei stock index briefly hit around a seven-and-a-half month high this morning driven by investors who were heartened by robust technology shares and the yen’s retreat against the dollar.

The 225-issue Nikkei Stock Average gained 221.51 points, or 0.97 percent, from last night to 23,042.83. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 17.82 points, or 1.04 percent, at 1,727.84.

Gainers were led by electric machinery, marine transportation, and machinery issues.

The Nikkei rose as high as 23,055.24, tracking gains on Wall Street where Apple led the technology sector. A weak yen against the U.S. dollar following the decision of Turkey’s central bank to raise interest rates — a move that sent developing countries’ currencies higher — also supported the market’s sentiment.

“Investors bought shares as the Turkish bank’s rate hike created a risk-on mood,” said Chihiro Ota, general manager of investment research at SMBC Nikko Securities Inc.

On the First Section, advancing issues outnumbered decliners 1,667 to 373, while 68 ended the morning unchanged.

Among technology issues, Yaskawa Electric jumped 215 yen, or 7.0 percent, to 3,295 yen, and Sumco advanced 90 yen, or 5.9 percent, to 1,626 yen. As for exporters, Sony climbed 145 yen, or 2.3 percent, to 6,539 yen, while Panasonic was up 26.50 yen, or 2.1 percent, at 1,287.50 yen.