The Nikkei stock index rose above the 42,000 mark for the first time Thursday, boosted by buying of Apple Inc. suppliers and other technology issues as well as optimism about corporate earnings.
The 225-issue Nikkei Stock Average gained 347.85 points, or 0.83 percent, from Wednesday to 42,179.84, after climbing to an all-time intraday high of 42,426.77. The broader Topix index was up 19.10 points, or 0.66 percent, at 2,928.30, also a record intraday high.
The U.S. dollar remained solid in the upper 161 yen range in Tokyo, as rising U.S. and Japanese stocks prompted investors to sell the yen, seen as a safe-haven asset, dealers said.
At noon, the dollar fetched 161.65-66 yen compared with 161.63-73 yen in New York and 161.49-51 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.0835-0839 and 175.15-22 yen against $1.0825-0835 and 175.09-19 yen in New York and $1.0816-0817 and 174.67-71 yen in Tokyo late Wednesday afternoon.
On the stock market, Apple suppliers such as Murata Manufacturing and Kyocera surged following a news report that the U.S. technology giant aims to ship 10 percent more new iPhones in the latter half of 2024 compared to the same period last year.
The market was also lifted by heavyweight semiconductor-related issues including Tokyo Electron after the tech-heavy Nasdaq index closed at a record high, amid hopes for an early interest rate cut by the Federal Reserve, brokers said.
The Nikkei has climbed sharply recently, with the benchmark setting a new record intraday high for the fifth consecutive trading day, on the back of hopes for stronger-than-expected corporate earnings for the April-June quarter, brokers said.
Maki Sawada, a strategist in the Investment Content Department of Nomura Securities Co., said investors are now focusing on upcoming earnings reports starting later this month to determine whether stocks will continue to climb.
© KYODO
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