Japan's benchmark Nikkei 225 index crossed the 70,000 mark for the first time on Tuesday, extending a powerful rally driven by easing geopolitical tensions in the Middle East, strong gains in artificial intelligence-linked stocks and growing investor confidence in the Japanese economy.
The index surged to an intraday record high of 70,020.68 before paring some gains later in the session. The milestone comes less than two months after the Nikkei first breached the 60,000 level on April 23, spotlighting the remarkable pace of the market's advance.
The breakthrough was aided by a global surge in risk appetite after the U.S. and Iran reached an interim agreement aimed at restoring shipping through the Strait of Hormuz, a critical route for global energy supplies. Investors interpreted the development as a potential step toward stabilising oil markets and reducing a major source of uncertainty for the global economy.
The rally gathered momentum shortly after the Bank of Japan announced a quarter-point increase in its benchmark interest rate, raising it to 1% from 0.75%. The move took Japan's policy rate to its highest level in roughly three decades.
EVERYONE MAKING HIGH ONLY DUE TO THEIR #DOMESTIC CUES
But We Are Losing All Grounds .........
