Japan stocks give boost to BOJ's case for monetary tightening

TOKYO -- The Bank of Japan got a fresh boost to its bid to end its negative interest rate policy when the Nikkei Stock Average hit a record high for the first time in 34 years.

By Thursday's close, Japan's benchmark stock index had risen 17% in the first two months of 2024 on top of last year's 28% rise. This has provided a cushion against a possible impact from a rate hike that is widely expected to happen in the next couple of months, and would be the first monetary tightening in 14 years.