Yen Hits 23-Month Low and Nikkei 225 Breaks 71,000 for First Time
The currency weakened despite a Bank of Japan rate increase, while semiconductor buying pushed the Nikkei to a record above 71,000.
- On Thursday, the yen slumped to its weakest level in about 23 months, trading near 160.6 against the dollar, while The Nikkei index surpassed 71,000 for the first time.
- Tuesday's decision by The BOJ to take rates to 1%, the highest level since 1995, failed to boost the yen as the market had already fully priced in the move.
- Tokyo Electron, Ibiden, and Murata Manufacturing led gains as The Nikkei closed at 71,053.49, up 1.65%, driven by overnight strength in semiconductor shares.
- Chief Cabinet Secretary Minoru Kihara warned on Thursday that authorities will take "appropriate action as needed," after the Finance Ministry spent $73 billion supporting the yen from late April through May.
- BOJ Deputy Gov. Shinichi Uchida refrained from providing guidance regarding future rate increases, with Noriatsu Tanji of Mizuho Securities noting the official attempted to maintain a neutral stance.
11 Articles
11 Articles
Times of India
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