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Nikkei rises over 17,000 as election fears recede

The Yomiuri Shimbun

A stock board shows the Nikkei index in Chuo Ward, Tokyo, on Thursday morning.

Jiji Press TOKYO (Jiji Press) — The benchmark Nikkei average staged a sharp rally to close above 17,000 on Thursday, as worries receded about global financial market turmoil following Donald Trump’s surprise victory in the U.S. presidential election.

The 225-issue Nikkei average surged 1,092.88 points, or 6.72 percent, to end at 17,344.42 on the Tokyo Stock Exchange. It was the sharpest daily point rise since the 1,343.43-point gain marked on Sept. 9 last year. On Wednesday, the key market gauge dived 919.84 points.

The TOPIX index of all First Section issues closed up 75.19 points, or 5.78 percent, at 1,376.35, after falling 62.33 points the previous day.

Stocks attracted buying almost across the board from the beginning of Thursday’s trading, after U.S. equities advanced sharply on Wednesday, with the Dow Jones industrial average rising more than 250 points, or over 1 percent.

The dollar’s ascent above ¥105 also pushed up the Tokyo market, brokers said.

Megabanks, automakers and other mainstay issues drew purchases after plunging the previous day.

Market participants started pinning hopes on Trump’s business-friendly policy pledges, such as infrastructure investments, brokers said.Speech

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