Posted 2/22/2024, 12:51:00 AM
Japan Stocks Surge to 32-Year High on Tech Rally
- Japan's Nikkei index hit a record intraday high on Thursday, crossing a peak last seen in 1989 before a massive speculative bubble burst
- Gains were driven by technology stocks, especially chipmakers, amid hype over AI boosting the sector
- Companies like Advantest, Tokyo Electron, Dainippon Screen, and SoftBank surged 3-8%
- The broader Topix index also rose 1% and was near a record high
- Weakness in Japan's economy is expected to keep the Bank of Japan highly dovish, supporting stocks