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Japan's Nikkei index reaches all-time high of 41,580

Japan's Nikkei index reached an all-time high of 41,580.17 amid a weak yen. Photo by Kimimasa Mayama/EPA-EFE
Japan's Nikkei index reached an all-time high of 41,580.17 amid a weak yen. Photo by Kimimasa Mayama/EPA-EFE

July 9 (UPI) -- Fed by forecasts of strong Japanese and United States earnings, Tokyo's Nikkei index closed at an all-time high of 41,580.17, officials said on Tuesday.

The Nikkei's gain of 799.47 points, or 1.96%, was the largest single-day gain since April 24. Japan's Topix Index finished 27.94 points higher at 2,895.55.

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In Nikkei's prime market, electric appliances, non-ferrous metals and precision instrument issues led the way as the index's biggest gainers. Investors are betting on a positive report on the consumer price index in the United States on Thursday in hopes it will help spur the Federal Reserve to apply an interest rate cut.

Tuesday's record comes on the heels of Japan's two indexes hitting record-high behind the weak yen on July 4. The Nikkei closed then at 40,913.65 and the Topix at 26.29.

Investors are looking forward to the upcoming release of the U.S. consumer price index on Thursday to gauge the path of the Federal Reserve's interest rate decisions.

The Nifty 50 Index in India hit an all-time high of 24,401.2. Others closed on the positive Tuesday as well. South Korea's Kospi closed 0.34%in the positive while Hong Kong's Hang Seng Index closed 0.1%.

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The yen has struggled over the past four months, falling in June to a new 38-year low against the U.S. dollar of 161. It also fell to a record low against the European currency the euro as well.

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