Japan's key stock indexes end at record highs
The Nikkei benchmark renewed its record high for the first time in about a year after briefly gaining over 1,100 points, as heavyweight technology and semiconductor-related issues were sought on hopes for further growth in the artificial intelligence field.
The 225-issue Nikkei Stock Average surged 897.69 points, or 2.15 percent, from Friday at 42,718.17, surpassing the previous record set on July 11, 2024. The broader Topix index finished 42.16 points, or 1.39 percent, higher at 3,066.37, also closing at a record high.
Japanese financial markets were closed Monday for a national holiday.
On the top-tier Prime Market, gainers were led by mining, bank and information and communication issues.
The U.S. dollar held firm in the lower 148 yen range in Tokyo on Tuesday amid speculation that upcoming U.S. inflation data could show higher prices driven by increased tariffs, dampening expectations of an early interest rate cut by the Federal Reserve, dealers said.
Stocks rose sharply as uncertainty over U.S. tariffs receded after a White House official confirmed last week that imports from Japan will be exempt from tariff stacking, meaning Washington will not add a new 15 percent rate on top of preexisting duties.
The market's upward momentum was also supported by abating fears of a U.S.-China trade conflict on news that U.S. President Donald Trump signed an executive order extending a tariff truce with China for 90 days until Nov. 10.
The yen's depreciation also helped boost exporter shares as a weaker yen increases overseas profits of exporters when repatriated.
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