Nikkei rises to 34-year high at close thanks to technology stocks

Japan’s Nikkei index rose to its highest level in 34 years at the close thanks to the rise in technology companies’ shares, which tracked their American counterparts on Tuesday night, and the decline of the yen led to an increase in the profits of exporters.

The Nikkei index jumped 2.01 percent to close at 34,441.72 points, recording its highest closing level since February 1990. The index exceeded 34,000 points for the first time since March 1990.

The broader Topix index rose 1.3 percent to 2,444.48 points, reaching its highest level since March 1990.

The Standard & Poor’s 500 and Dow Jones indexes closed lower on Tuesday night, but the Nasdaq index ended trading higher.

The yen fell against the dollar in Asian trading ahead of the release of US inflation data later this week, which may affect Federal Reserve policy.

A lower yen helps exporters because it increases the value of overseas profits in yen when companies bring them back to Japan.

Fast Retailing, which operates the Uniqlo clothing retail chain, jumped 3.83 percent, becoming the largest supporter of the Nikkei index.

Tokyo Electron, a manufacturer of chip-making equipment, rose 1.91 percent. The shares of Kyocera Ceramic Manufacturing Company gained 6.09 percent.

Sony Group shares rose 3.82 percent, becoming the largest supporter of the Topix index. Keens Electronic Appliances shares increased 4.86 percent.

Computer hardware maker Fujitsu fell 1.94 percent and was the biggest percentage loser.

Of the 225 stocks listed on the index, 176 stocks rose, 47 declined, and two stocks remained unchanged.