Japanese stocks surged more than 5 per cent to a record high on Monday, as market euphoria over last week’s IPO of SpaceX combined with relief over the possible reopening of the Strait of Hormuz to create a huge “risk on” rally.
The Nikkei 225 index soared 5.4 per cent in the first 90 minutes of trading to 69,600 points — far beyond what many market strategists had believed possible when they made forecasts at the start of the year.
Meanwhile, the broader Topix, which tracks thousands of Japanese shares across the entire market, broke above 4,000 points.
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