Japanese Stocks Rally on Wall Street's Surge

Nikkei rebounds 3.6%, US economic data fuels optimism
By Newser.AI Read our AI policy
Posted Aug 16, 2024 6:01 AM CDT
Japanese Stocks Rally on Wall Street's Surge
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 16, 2024.   (AP Photo/Ahn Young-joon)

Japanese stocks surged on Friday, leading gains in Asian markets after Wall Street rallied significantly on Thursday. The Nikkei 225 closed 3.6% higher at 38,062.67, rebounding from last week's selloff. This boost came on the back of stronger-than-expected US economic data, which revealed increased consumer spending and fewer unemployment claims.

Other Asian markets also exhibited upward trends. The Hang Seng in Hong Kong climbed 1.8% to 17,407.93, and South Korea's Kospi jumped 2% to 2,697.23. However, the Shanghai Composite dipped slightly by 0.1% to 2,874.95. Chinese central bank governor Pan Gongsheng announced new policies to boost economic growth in the second half of the year, focusing on financial technology and reducing local government debt burdens. (This story was generated by Newser's AI chatbot. Source: the AP)

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