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Nikkei index soars to two-year high

September 19, 2017

Tokyo's benchmark index has climbed significantly to close at its highest level in over two years. It rose past a psychologically important mark on a weaker yen and the prospect of a snap election in Japan.

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Tokyo Stock Exchange
Image: Getty Images7AFP/K. Nogi

The Nikkei 225 rose by 1.96 percent Tuesday. A gain of almost 400 points saw the benchmark index soar past the 20,000-point threshold, marking the highest level since August 2015.

"Share prices rallied as concerns over North Korea, the US economy and a higher yen receded," Rakuten Securities Chief Strategist Masayuki Kubota said in a client note.

Traders were also eying the possibility of a snap election in Japan, reportedly to happen as soon as next month.

"If we have a snap election, then that would be another key market-moving factor," Kubota added.

Fed meeting in focus

One of the best-performing stocks on the Tokyo market was Nintendo, which jumped by more than 7 percent on strong sales prospects for its Switch games console.

Japanese carmakers were lifted by the weaker yen, with Toyota rising almost 4 percent and Nissan up 2.12 percent.

Tokyo followed Wall Street higher as US stocks logged fresh records in advance of this week's meeting of the Federal Reserve which is expected to announce a drawdown of its massive bond holdings.

hg/jd (AFP, Reuters)