Japan’s Nikkei 225 index soared to an all-time high today, climbing more than 1,100 points as investor confidence surged following a deal between Tokyo and Washington. The benchmark rose 2.8 percent to peak at 42,983.34 in afternoon trading, surpassing its previous record of 42,426.77 set in July last year before pulling back slightly.
Tech and retail shares led the charge, mirroring overnight advances on Wall Street. SoftBank Group jumped over 7 percent, semiconductor testing equipment maker Advantest gained more than 7 percent, and automaker Toyota climbed just over 3 percent. Fast Retailing, operator of the Uniqlo clothing chain, added nearly 5 percent, contributing significantly to the index’s record-breaking performance.
Market analysts attributed the rally to reduced trade tensions and growing speculation that the U.S. Federal Reserve may soon cut interest rates, boosting hopes for a recovery in Japanese corporate earnings.
