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The Nikkei rose to as high as 39,029.00, crossing the record high of 38,957.44 scaled on the final trading day of 1989. At the new peak of 39,029.00 the benchmark has risen 52% from its Jan 2023 trough.
The index was up 1.96% to 39,014.19 by 0349 GMT.
Nvidia shares surged 6% overnight after it forecast fiscal first-quarter revenue above estimates on robust demand for its chips that dominate the market for artificial intelligence (AI).
“The market was strong. Investors were waiting for the outlook of Nvidia,” said Jun Morita, general manager of the research department at Chibagin Asset Management.
Tokyo Electron jumped 5.38% to give the biggest boost to the Nikkei. The chip-making equipment maker rose 44% so far this year, while chip-testing equipment maker Advantest surged 6.65.
Another chip-related Screen Holdings is up nearly 10% in the current session, while tech-start up investor SoftBank (TYO:9984) Group rose 5.4%.
