Japan`s Nikkei climbs 2% to record high as tech shares rally

Japan's Nikkei share average climbed to an all-time high on Friday, as tech stocks jumped following strong sales forecasts from Amazon and Apple.
A weaker yen was also a tailwind for Japan's heavyweight exporters, following its slide to a record low against the euro and the lowest level since February versus the dollar on Thursday after the Bank of Japan governor kept a cautious tone in holding interest rates steady.
The Nikkei rose as much as 2.1% to an unprecedented 52,391.45 in early trading and was last up 1.2%, as of 0200 GMT. It has gained about 15.5% so far this month.
The broader Topix gained up to 1.4% to reach a record high of 3,348.06 and was last up 0.6%.
On Thursday, Amazon reported its cloud revenue rose at the fastest clip in nearly three years, helping the company to forecast quarterly sales above estimates.
Meanwhile, Apple Chief Executive Tim Cook gave forecasts for holiday-quarter iPhone sales and overall revenue that surpassed Wall Street expectations.
Japan's chip-sector shares were among the biggest gainers. Socionext soared nearly 14%, while Advantest climbed 2.1%, making it the Nikkei's second-largest gainer in terms of index points due to its heavy weighting.
Artificial intelligence data centre-related shares also gained, with Hitachi jumping 7.7%.
Tech stocks have been at the centre of the Nikkei's relentless rally in recent months, joining a global equity resurgence fuelled by sky-high expectations for AI.
Japan has had the additional tailwind of hopes for aggressive fiscal stimulus under new Prime Minister Sanae Takaichi.
One of her focus areas is AI innovation, meaning Japanese tech shares will benefit from both global and domestic momentum, according to MUFG Asset Management.
Topping the 52,000 level for the Nikkei "is just a step on the way higher," said MUFG Asset Management Chief Market Economist Naoya Oshikubo.
"We have more room, like another 10% rise from here towards April," he said. "This is not a bubble."

Sumber : Reuters