Sunday, June 23, 2024
English English French Spanish Italian Korean Japanese Russian Hindi Chinese (Simplified)

Nikkei 225 Surges Above 40,000 as Bank of Japan Raises Interest Rates for First Time in 17 Years

Japan’s Nikkei 225 index closed above the significant milestone of 40,000 on Tuesday following the Bank of Japan’s decision to raise interest rates for the first time since 2007. The central bank shifted its policy, ending its negative interest rate stance and raising rates to 0% to 0.1% from the previous -0.1%. This move, along with the abolition of its yield curve control policy, marked a significant policy shift after nearly two decades.

Initially, the Nikkei 225 experienced fluctuations in response to the news but ultimately ended the day 0.66% higher at 40,003.60. The broader Topix index also saw gains, closing 1.06% higher at 2,750.97.

Meanwhile, in Australia, the Reserve Bank maintained its benchmark rate at 4.35% for the third consecutive meeting, citing persistent inflation concerns despite recent signs of easing. This decision prompted a 0.36% increase in the S&P/ASX 200 index, continuing its upward trend from Monday. However, South Korea’s Kospi index experienced a 1.10% decline, closing at 2,656.17, while the Kosdaq, representing small-cap stocks, edged 0.29% lower to end at 891.91. In Hong Kong, the Hang Seng index slid by 1.13%, and the mainland Chinese CSI 300 closed 0.72% lower at 3,577.63.

In the United States, all three major indexes rebounded as tech companies saw gains. Nvidia shares rose by 0.7% on the first day of the company’s GTC Conference, where advancements in artificial intelligence were expected to be showcased. Additionally, Alphabet shares surged by 4.6% following reports from Bloomberg News indicating discussions between Apple and Google to integrate the latter’s Gemini AI into iPhones.

The Dow Jones Industrial Average rose by 0.2%, the S&P 500 gained 0.63%, and the Nasdaq Composite climbed 0.82% as investors awaited further monetary policy guidance from the Federal Reserve.


* indicates required

The Enterprise is an online business news portal that offers extensive reportage of corporate, economic, financial, market, and technology news from around the world. Visit to explore daily national, international & business news, track market movements, and read succinct coverage of significant events. The Enterprise is also your reach vehicle to connect with, and read about senior business executives.

Address: 150th Ct NE, Redmond, WA 98052-4166

©2024 The Enterprise – All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept