Market Commentary - Foreign Markets
Japanese stocks soar as Nikkei races above 38000 mark As on : 16-Aug-24  16:22

Japanese markets soared as the yen gave back some of its recent gains. Strong cues from overnight US markets also boosted the stocks. The Nikkei average soared 3.64 percent to 38,062.67, recording its best weekly gain in more than four years. The broader Topix index also settled 2.99 percent higher at 2,678.60. Rally was broad based with index heavyweight Fast Retailing jumping 6.2 percent and Fujikura spiking 11.4 percent. Nikkei has now largely rebounded from the brutal selloff last week, where the higher interest rate from the Bank of Japan made investors who had borrowed in yen and invested in dollar assets sell their holdings to cover the higher costs in the “carry trades” deals. US stocks soared yesterday with the S&P 500 jumping 1.6%, marking its sixth straight gain.

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