Home » The U.S. debt has been resolved + the yen has depreciated, and the Nikkei hit a new high in nearly 33 years in early trading

The U.S. debt has been resolved + the yen has depreciated, and the Nikkei hit a new high in nearly 33 years in early trading

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The U.S. debt has been resolved + the yen has depreciated, and the Nikkei hit a new high in nearly 33 years in early trading

U.S. debt limit agreement + yen depreciation Nikkei index rewrites nearly 33-year high in early trading

The U.S. reached a debt limit agreement and the weakening of the yen brought a boost. The Nikkei 225 index rose nearly 410 points or 1.32% in early trading on Monday, closing at 31,325.84 points.

The Topix Index closed up 0.96% in the morning at 2,166.41 points, and rose to 2,175.13 points at the intraday high, failing to get closer to the 33-year high (2,188.66 points) touched last week.

U.S. President Joe Biden announced on Sunday that he had finalized a budget agreement with House Speaker McCarthy, including debt limits, and was ready to submit the agreement to Congress for a vote. But hardline Republicans and progressive Democrats have voiced their opposition to the deal.

Maki Sawada, a strategist at Nomura Securities, said that the agreement has not yet come under the hammer, and there are still some risks, but the basic agreement has made the risks have subsided, and both parties have promised to avoid the technical debt default of the United States. The Nikkei broke through a major psychological barrier of 31,500 on Monday, but it turned out that the back pressure here is a bit too heavy. I expect the Nikkei to rise steadily this week, but there may be a short-term pullback to control the speed.

The yen weakened to the 141-dollar mark, and the Nikkei, which has a high proportion of export shares, received a relatively large boost.

Honda Motor rose 1.86 percent and Subaru rose 1.78 percent.

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Japanese chip-related stocks continued to outperform after the artificial intelligence (AI) boom drove shares of U.S. peers soaring.

Shares of chip testing equipment maker Advantest rose more than 4%, after rising nearly 7% earlier, and hit a record high, making it one of the best-performing stocks on the Nikkei. Nvidia, a major AI chip manufacturer that has been highly sought after by the market recently, is its main customer.

(Compiled by Ke Wanxiu for Times Information Times)

The post The U.S. debt has been resolved + the yen has fallen. Nikkei wrote a new high in the past 33 years in early trading appeared first on Business Times.

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