Japan’s Nikkei soars amid global optimism

Japan’s Nikkei share average surged to 39,000 points for the first time since mid-April, closing 0.73% higher at 39,069.68. This uplift was fuelled by a milder US inflation report, prompting investors to anticipate potential rate cuts as early as September, thereby lifting global market spirits and boosting Japanese equities.

Wall Street’s positive momentum, which Japan’s stock market often mirrors, contributed to the Nikkei’s advance. Despite a mixed finish on Friday, US stock index futures were up during Tokyo trading, providing a ‘sense of confidence,’ according to Sumitomo Mitsui DS Asset Management. This optimistic wave also saw the broader Topix index rise by 0.82%, closing at 2768.04.

Monday’s trading session witnessed widespread buying, with 183 of the Nikkei’s 225 constituents showing gains. Key performers included Fast Retailing, which climbed 0.9%, Tokyo Electron, up by 0.7%, and Shin-Etsu Chemical, which surged by 4.2%. However, SoftBank Group fell by 2.8%, and Advantest edged down 0.4% as investors awaited Nvidia’s revenue results later this week. A positive outlook from Nvidia could ignite rallies in chip-related stocks in both the US and Japan.

The optimism among investors is palpable following the milder US inflation report. The prospect of rate cuts has buoyed global market sentiment, significantly impacting Japanese equities. Wall Street’s recent gains have set a positive tone for global investors, and the ongoing enthusiasm could pave the way for sustained market confidence and growth in the coming months.

JPMorgan Japan Small Cap Growth & Income (LONJSGI), targets Japan income without compromising on Japanese growth opportunities. This Japan income investing opportunity gives investors access to a diverse and fast growing sector managed by local managers.

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