Japan stocks soar on earnings hopes, reaching new 33-year high

Wage hikes seen as key to sustaining virtuous cycle for economy

20240110 Nikkei average board

The Nikkei Stock Average continues its rise, briefly topping the 34,000 yen mark on Wednesday.

Nikkei staff writers

TOKYO -- The Japanese stock market's new year rally has quickened as investors anticipate a positive turn for the economy and a continued trend of improved corporate earnings and governance.

The Nikkei Stock Average rose 1.2% on Tuesday to close at 33,763, the highest level since March 1990. Semiconductor-related companies like Tokyo Electron rose following gains in U.S. high-tech stocks.

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