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View all search resultsTokyo's Nikkei index up 3% on Fed rate hike
The Nikkei rose 3.14 percent or 808.34 points to 26,570.35 in the first 15 minutes of trading, while the broader Topix index added 2.39 percent or 44.35 points to 1,897.60.
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A pedestrian wearing a face mask walks past an electronic board displaying the closing numbers of Nikkei 225 index in Tokyo on November 9, 2020, as Asian markets react to results of the US presidential election.
(AFP/Behrouz MEHRI )
T
okyo's benchmark Nikkei index surged over three percent shortly after the open on Thursday, tracking global rallies linked to a US Fed rate hike and another pullback in oil prices.
The Nikkei rose 3.14 percent or 808.34 points to 26,570.35 in the first 15 minutes of trading, while the broader Topix index added 2.39 percent or 44.35 points to 1,897.60.
Investors were cheered by the US central bank raising interest rates in the Federal Open Market Committee (FOMC) as widely expected, lifting US shares.
"The Tokyo market is enjoying continued upward momentum. There were no negative surprises at FOMC. Wall Street shares ended higher across the board... These should serve as positive factors for Tokyo shares," Okasan Online Securities said.
"Rises of oil prices and other commodity prices are slowing down," the brokerage said, adding that an index for expected market volatility also appeared to be peaking out.
"These factors should encourage a buyback of major blue-chip shares," Okasan said.
Investors were also keeping a close eye on Ukraine, where Russian troops intensified attacks against civilians.
However, the market saw "glimmers of progress among competing developments" as Moscow and Kyiv continued talks for a possible ceasefire, Taylor Nugent of National Australia Bank said.
Okasan added: "The Ukraine situation remains uncertain but there is also lingering hope for ceasefire negotiations between Ukraine and Russia."
Among major shares, SoftBank Group leaped 8.25 percent to 4,892 yen. Sony Group was up 5.16 percent to 12,430 yen, and Toyota firmed 3.57 percent to 2,062 yen.
Tokyo Electron, which makes tools to build semiconductors, advanced 5.02 percent to 57,960 yen. Industrial robot maker Fanuc jumped 6.22 percent to 20,905.
