Japan's Nikkei jumps 7.9% to record 71,250.06 on AI rally
Business
Japan's Nikkei index soared 7.9% this week, the biggest jump it has seen since August 2024, thanks to a wave of excitement around AI stocks.
The index hit a record high before closing at 71,250.06, even as some investors cashed out ahead of the US market being closed on Friday.
AI chipmakers surge, banks pull Topix
AI chipmakers like Advantest and Kioxia led the charge with gains of 4.75% and 12%.
Fujikura, known for fiber-optic cables, saw its shares climb 15.69% after boosting its profit forecast, and rival Furukawa Electric was not far behind.
But not everything was rosy. Financial giants like Mitsubishi UFJ and Mizuho slipped, pulling down the broader Topix index by 0.57%.
Global tensions also weighed on things after U.S.-Iran talks were postponed.