In the wake of a significant sell-off, Asia-Pacific markets bounced back on Tuesday, with the Nikkei 225 reaching a 33-year peak, driven by a surge in tech stocks.
What Happened: The Nikkei 225 index surged 1.16% to 33,763.18, its highest level since March 1990, as reported by CNBC on Tuesday. This follows a previous day’s sell-off. The Topix also made gains, rising 0.82% to close at 2,413.09.
Investors took note of the inflation figures for Tokyo, which serves as a key indicator for national inflation. Tokyo’s inflation rate decreased to 2.4% in December from 2.6% the prior month. Core inflation, excluding fresh food prices, remained steady at 2.1%, in line with predictions.
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Why It Matters: The resurgence in Asia-Pacific markets aligns with a pattern of increasing interest in the region, particularly in Japan. The country, as of late 2023, was recognized as a promising 2024 investment destination by financial giants like UBS AG and JP Morgan. The reinstatement of UBS AG’s equity strategist role for Japan after a seven-year hiatus signifies the anticipated surge in client interest in the Japanese stock market. This market is further accessible through the iShares MSCI Japan Index Fund EWJ, offering diversified exposure to Japanese equity.
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