Nikkei Gains 1.96% To Hit Record High

Japanese markets led regional gains, with chip-related shares leading the surge. The Nikkei average surged 1.96 percent to hit a record high of 41,580.17 as the yen declined ahead of Powell's testimony.

The broader Topix index settled 0.97 percent higher at 2,895.55. Advantest, Tokyo Electron, Screen Holdings and SoftBank Corp surged 2-3 percent.

The M2 money stock in Japan was up 1.5 percent on year in June, the Bank of Japan said on Tuesday - coming in at 1,257.5 trillion yen.

The M3 money stock was up an annual 1.0 percent at 1,610.0 trillion yen, easing from 1.3 percent in the previous month.

The L money stock gained 3.0 percent on year at 2,178.5 trillion yen, down from 3.3 percent a month earlier.

For the second quarter of 2024, M2 was up 1.8 percent on year, M3 rose 1.3 percent on year and L gained 3.0 percent on year.

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