Tokyo stocks rose sharply Thursday, with the Nikkei Stock Average surging 261.03 points, or 2%, to end the day at 13,549.03, the day’s highest point.
The benchmark index surpassed 13,500 for the first time since July 24, 2008. The index has risen nearly 1,100 points between April 3 — the day before the Bank of Japan announced its bold monetary easing steps — and Wednesday, according to (Nikkei) website.
Overseas investors were buying blue-chip exporters, including carmakers and consumer electronics makers, on expectations that exports will become more profitable, and in response to overnight gains on Wall Street and the yen’s weakening.
The Nikkei average briefly lost steam in the second half of the morning session as the dollar fell to the lower-99 yen level. Lingering concerns about North Korea, which is reportedly preparing to launch medium-range ballistic missiles, weighed on upward stock momentum, prompting investors to lock in gains.
The broader Topix index continued higher into the seventh straight trading day, up 26.25 points, or 2.3%, to 1,147.29, its highest level since Sept. 26, 2008.
The trading value on the first section of the Tokyo Stock Exchange totaled about 3.98 trillion yen, continuing to surpass 3 trillion yen for six trading days in a row. It is the first time the value totaled more than 3 trillion yen for that length since the 13-day period through Aug. 13, 2007.