The Nikkei 225 Index climbed 1.81% to close at 50,402 on Monday, comfortably surpassing the 50,000-point mark, tracking Friday's strong performance on Wall Street. The rally on Wall Street was driven by robust technology earnings and easing concerns over a potential technology boom risk. Gains in the index were also supported by a weakening yen following the Bank of Japan's widely anticipated rate hike.
The central bank raised its benchmark rate by 25 basis points to 0.75%, the highest level since 1995. A sharp drop in the yen is expected to lift export earnings for Japanese companies. Meanwhile, Bank of Japan Governor Kazuo Ueda is scheduled to speak to a Japanese business lobby on Christmas Day, providing markets with another opportunity to glean signals on policy. Gains were broad-based, with notable performers including Mitsubishi UFJ Financial Group (1.8%), SoftBank Group (4.2%), Tokyo Electron (6.1%), and Advantest Corp (4.4%).
Source : Tradingeconomics.com
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