Japan’s Nikkei Rises 2.8% to Fresh 34-Year High, Slightly Shy from 38,000 Level

Japan’s Nikkei jumped more than 1,000 points to a fresh 34-year high on Tuesday morning as trading resumed from a national holiday, supported by tech-related stocks and strong earnings of listed companies.

Nikkei 225 rose as much as 1,033 points to 37,930.10, representing a 2.8% gain in the morning session before edging lower to 37,798.89 by the midday close. This is the highest level since February 1990.

Meanwhile, the broader Topix rose 1.85%.

The tech stocks got another push after ARM Holdings announced that it will join the AI frenzy as well. The share price of SoftBank Group Corp, which owns 90% stake in ARM, jumped 7% on Tuesday.