Nikkei average hits record intraday high above 42,000

Tokyo (Jiji Press)—Japan’s main Nikkei 225 stock average hit a new intraday high on Thursday morning, rising nearly 600 points to above 42,000 for the first time ever.

At 9:07 a.m., the Nikkei average rose to 42,426.77, up 594.78 points, or 1.42 percent, from Wednesday.

The broader TOPIX index also hit a new intraday record high of 2,946.60 at 9:07 a.m., up 37.40 points or 1.26 percent.

Tokyo stock markets saw strong buying across a broad spectrum of stocks, thanks to overnight gains in major U.S. stock indexes. The gains came after Federal Reserve Chairman Jerome Powell made statements in testimony before Congress that echoed market expectations of a rapid rate cut.