In a landmark moment for Asian markets, Japan’s Nikkei 225 index shattered the 40,000 barrier, amid artificial intelligence excitement. This is the level unseen in over three decades, buoyed by a global rally that saw Wall Street benchmarks setting new records.
And there is goes — Japan’s Nikkei 225 Stock Average passes 40,000 for the first time ever! pic.twitter.com/FWUOvzsIYj
— Gearoid Reidy リーディー・ガロウド (@GearoidReidy) March 4, 2024
The significant milestone was reached on Monday, with the Nikkei closing up by 0.46%, a clear indicator of the robust investor confidence sweeping through global markets.
This rally comes on the heels of the S&P 500 and the Nasdaq Composite achieving fresh all-time highs on Friday, showcasing a strong market optimism driven by substantial earnings and supportive governmental measures in Japan.
Conversely, the broader Topix index experienced a slight dip of 0.12%, retreating from its record high achieved in the previous session.
People were surely waiting for such news for really long,
I’ve been waiting for this day since… I was 3 years old 🥺
— Nico Green (@1nicogreen) March 4, 2024
As the Nikkei celebrates its historic achievement, the financial world turns its gaze towards Beijing, where China’s “Two Sessions” meetings are set to commence. This annual political event, combining the National People’s Congress and the Chinese People’s Political Consultative Conference, is keenly observed for the economic and policy directions it sets for the year ahead.
Premier Li Qiang is expected to unveil the government’s work report during the meetings, detailing China’s GDP growth target and other significant economic goals. This announcement is particularly pivotal as it provides insights into the policy trajectory of the world’s second-largest economy.
While Japan’s market soared, other Asian indexes showed mixed responses. The CSI 300 edged 0.1% lower, and Hong Kong’s Hang Seng index fell by 0.2%. Contrastingly, India’s Nifty 50 and South Korea’s Kospi saw gains, highlighting the varied investor sentiments across the region.
Here is what people are saying about this:
Japan’s stock market hits a new all-time high, a milestone not seen in almost 35 years. 🚀
Nikkei 225 hit a record-breaking 39,098.68, surpassing the 1989 peak during Japan’s bubble economy.
When examining global valuation metrics, Japanese stocks may still have room to run. pic.twitter.com/xmuXxCEbuU
— Sumit Kapoor (@moneygurusumit) February 25, 2024
As global markets navigate through these developments, investors remain vigilant, parsing through the outcomes of China’s political meetings and monitoring the ongoing adjustments in oil production.
With Japan’s Nikkei setting new records and the global economic landscape poised at a crucial juncture, the coming weeks are sure to offer further insights into the dynamics shaping the world economy.
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