Japan's Nikkei 225 Hits New All-Time High

Japan’s Nikkei 225 index broke through 65,000 for the first time on Monday, reaching a new all-time high after reports that the Strait of Hormuz may soon reopen, driving down oil prices and boosting investor sentiment. President Donald Trump stated in a Truth Social post that negotiations with Iran were ‘proceeding in an orderly and constructive manner,’ adding that he had instructed his representatives ‘not to rush to reach a deal as time is on [their] side.’ Oil prices fell over 5% following Trump’s comments, easing pressure on investors. Prices had surged sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world’s most critical energy transit routes. July West Texas Intermediate futures fell 4.71% to $92.06 per barrel in early Asian trade. July Brent crude futures dropped 4.42% to $98.96 per barrel. Japan’s Nikkei 225 closed Monday’s session up 2.87% at 65,158.19 after hitting an intraday high, while the Topix index rose 1.29% to 3,942.57. Taiwan’s Taiex index closed up 3.26% at 43,644.40, setting a new all-time high. Australia’s S&P/ASX 200 index rose 0.40% to 8,692. China’s CSI 300 index gained 1.58% to 4,921.6, while India’s Nifty 50 climbed 1.09%. Markets in Hong Kong and South Korea were closed for national holidays. US markets were also closed on Monday for Memorial Day. During Friday’s regular trading session, the Dow Jones Industrial Average rose 294.04 points, or 0.58%, closing at 50,579.70. The 30-stock index hit an intraday high and recorded another closing record. The S&P 500 rose 0.37% to close at 7,473.47. The Nasdaq Composite gained 0.19% to end at 26,343.97.