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Foreign Market News

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(23 Apr 2025, 14:51)

Japanese markets rise sharp, Nikkei up 1.89%


Japanese markets rose sharply following optimistic earnings reports from key U.S firms and Tesla founder Elon Musk's announcement that he would significantly scale back his Trump administration work in May to focus on Tesla.

The Nikkei average jumped 1.89 percent to 34,868.63, ending at a three-week high led by technology and auto shares. The broader Topix index settled 2.06 percent higher at 2,584.32.

Japan's tertiary activity index stalled in February after rising in the previous two months, according to data from the Ministry of Economy, Trade, and Industry on Wednesday.

The seasonally adjusted tertiary activity index remained flat in February on a monthly basis, following a 1.4 percent rise in January.

The manufacturing sector in Japan continued to contract in April, albeit at a slower rate, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.5.

That's up from 48.4 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

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