After US Markets, Tech Boom Nudges Japan's Nikkei 225 To 40,000 For The First Time

After US Markets, Tech Boom Nudges Japan's Nikkei 225 To 40,000 For The First Time

This comes to pass, as US stocks, including Nasdaq and Dow Jones and S&P 500 have also been trading in green, making major gains, thanks to the tech-drive.

Juviraj AnchilUpdated: Monday, March 04, 2024, 11:29 AM IST
article-image
Representative Image | File

Japan's Nikkei 225 share benchmark topped 40,000 on Monday for the first time as strong demand for technology shares keeps pushing the index higher.

This comes to pass, as US stocks, including Nasdaq and Dow Jones and S&P 500 have also been trading in green, making major gains, thanks to the tech-drive. The surge many say is driven by US-based chip-designing and GPU leader, Nvidia.

Nvidia led surge on the other side of the globe

The prospects of the company has risen exponentially, in just over the span of the past few weeks. Nvidia even outpaced Saudi Aramco to become the third largest company in in terms of its valuation. The valuation of the company currently stands at $2.056 trillion, behind fellow American firms, Apple and Microsoft, the highest valued company in the world

The index had gained 168.93 to rise to 40,079.75 (09:49 IST).

Shares in computer-chip related companies rallied. Tokyo-based Renesas Electronics saw a jump of 5.8 per cent.

Another Tokyo-based tech company, which recently announced a leadership change to lay emphasis on its semiconductor business, Advantest Corp. also saw its shares rise by 3.9 per cent.

Tech surge in Japanese markets

Shares in Japan have tracked gains in other markets driven by expectations for strong demand for technology associated with artificial intelligence.

Olympus, a 105-year-old legacy brand, known for its cutting edge optical technology also jumped by a massive 7.4 per cent.

Japan's neighbour to its west, South Korea and its Index KOSPI also its fortunes rise, as it was trading at 2,673.90 gaining 31.54 points (09:51 IST). Interestingly peninsula also houses major tech companies.

The growth is also escorted by continued easy credit policies, These policies have kept the Japanese yen relatively weak against the U.S. dollar and other major currencies. The Bank of Japan is pumping money into the economy to support growth and boost profits of exporters.

RECENT STORIES

Mitesh Mangaonkar: Leading Innovator In Data Engineering And Cloud Computing

Mitesh Mangaonkar: Leading Innovator In Data Engineering And Cloud Computing

‘Tax Payers Are Meaningless Minorities': Only 0.5% Of Voters Pay Income Tax, Says Ashneer Grover

‘Tax Payers Are Meaningless Minorities': Only 0.5% Of Voters Pay Income Tax, Says Ashneer Grover

'Cease And Desist': RBI Bars Kotak Mahindra Bank From Onboarding New Customers Via Online, Issuing...

'Cease And Desist': RBI Bars Kotak Mahindra Bank From Onboarding New Customers Via Online, Issuing...

Ultraviolette Launches F77 Mach 2 in India: Promises 323km Range at Rs 2.99 Lakh

Ultraviolette Launches F77 Mach 2 in India: Promises 323km Range at Rs 2.99 Lakh

LIC Issues Cautionary Notice Against Fraudulent Social Media Advertising; Shares Close Up By 0.70%

LIC Issues Cautionary Notice Against Fraudulent Social Media Advertising; Shares Close Up By 0.70%