Nikkei Surges Past 51,000 on Tech Rally

Japan’s Nikkei 225 surged to fresh record highs, breaking above 51,000 intraday on Oct. 29 and trading above 51,300 by mid-morning, leaving the index roughly 32% higher year‑on‑year. The rally was led by tech and chip names as investors cheered strong AI-chip demand — notably from Nvidia — and upbeat developments around Microsoft and OpenAI, which lifted global sentiment and helped U.S. indices close at records. Markets were also supported by expectations of further Fed rate cuts and a softer dollar, though Asian trading was mixed and Hong Kong was closed for holidays. Semiconductor suppliers and chip‑equipment stocks outperformed in Tokyo (Advantest, Lasertec) and abroad (SK Hynix), while some exporters struggled with a firmer yen and individual decliners such as Nidec. Investors additionally credited pro‑growth sentiment around new Prime Minister Sanae Takaichi’s policies as an incremental boost to risk appetite.