MARKETS & FX
Nikkei Tops 70,000 Intraday for the First Time
# Nikkei# 70000# record high
Key Points
- Buying surged in afternoon Tokyo trade and the Nikkei topped 70,000 intraday for the first time.
- The BOJ's hike was seen as within expectations and supported the rally.
- Removing uncertainty drew money back into stocks.
Analysis
Afternoon buying lifted the Nikkei above 70,000 intraday for the first time, a record high. The BOJ's hike, announced just after noon, was read as within expectations, removing uncertainty and drawing money back into stocks. It suggests the rally rests partly on fundamentals, but as Japan enters a hiking cycle, the focus shifts from broad gains to sector divergence, raising the importance of stock selection.