News

Japan’s Nikkei Continues To Grow As It Crosses 34K Mark Despite Falling Asia-Pacific Market



Following a significant sell-off on Tuesday, the Asian-Pacific markets experienced a day of mixed results on Wednesday. The Nikkei 225 in Japan, however, crossed the 34,000 mark. A significant increase in tech stocks drove this surge.

What Happened: The Nikkei 225 index in Japan saw a 2.01% surge, reaching 34,441.72, its highest level since March 1990, as reported by CNBC. This follows a previous day’s sell-off. The Topix also made gains, rising 1.3% to close at 2,444.48.

In contrast, the Chinese markets continued to decline. The CSI 300 closed at near 5-year lows. The Hang Seng index in Hong Kong also dropped by 0.49%. Mainland China’s CSI 300 lost 0.47% to finish at 3,277.13, its lowest level since Jan. 31, 2019.

See Also: Market-Moving SEC Twitter Hack On Bitcoin ETFs ‘Unacceptable’: Senate Banking Committee Member

While Australia’s weighted consumer price index (CPI) rose 4.3% year on year, albeit slightly lower than the predicted 4.4% increase, the S&P/ASX 200 fell 0.69% to stop at 7,468.50.

South Korea’s Kospi fell 0.75% to close at 2,541.98 as the country struggles with a 23-month high unemployment rate. The Kosdaq declined 1.04% to 875.46.

Why It Matters: The news of the Nikkei 225’s rise comes after a significant sell-off in the Asian-Pacific markets on Tuesday. On Tuesday, the Nikkei 225 index surged 1.16% to 33,763.18, its highest level since March 1990, as reported by CNBC. This follows a previous day’s sell-off. The Topix also made gains, rising 0.82% to close at 2,413.09.

Investors noted Tokyo’s inflation figures, which serve as a key indicator for national inflation. Tokyo’s inflation rate decreased to 2.4% in December from 2.6% the previous month. Core inflation, excluding fresh food prices, remained steady at 2.1%, in line with predictions.

Image via Shutterstock

Read Next: Bitcoin, Ethereum, Dogecoin Drop After Fake News Of Spot ETF Approval — $200M Worth of Liquidations Follow: Analyst Warns Of Fakeout Rallies, Looming Corrections For King Crypto


Engineered by
Benzinga Neuro, Edited by


Pooja Rajkumari


The GPT-4-based Benzinga Neuro content generation system exploits the
extensive Benzinga Ecosystem, including native data, APIs, and more to
create comprehensive and timely stories for you.
Learn more.




Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button