Japan’s Nikkei 225 stock index hit an all-time high again on Thursday morning, breaking the 44,000 threshold for the second time in history and setting a new record.

The benchmark passed the last record of 44,185.73 — reached just two days ago — in the first hour of trading, and rose as high as 44,396.95 during the day. It closed at 44,372.50, up 1.22%.

SoftBank Group led the Thursday rally, up by nearly 10% and reaching a new record. Nintendo was up 2.61%, while Mitsubishi Heavy Industries gained 1.95%.

The yen traded steady at around ¥147.7 to the dollar on Thursday afternoon.

Gains in the stock market have been strong and steady this week, after Prime Minister Shigeru Ishiba announced his intention to resign on Sunday.

Ishiba is stepping down after the Liberal Democratic Party, which he leads, lost its majority in the Upper House in July and as the trade deal with the United States is implemented.

Under the terms of the deal, tariffs on Japanese cars exported to the United States will be lowered next week to 15% from 27.5%.

Expectations for more fiscal spending and monetary easing under the next prime minister have boosted stocks, analysts have said.

Stocks globally slumped in April following the implementation of U.S. President Donald Trump’s sweeping tariffs, but have since rebounded as trade deals have been signed and as economic indicators in the U.S. have indicated that inflation remains under control.

The Nikkei index has gained 20.6% over the course of the past six months, and 12.89% year-to-date.

Wholesale price data released in the United States overnight indicated a surprising decline, which further fueled confidence that the U.S. Federal Reserve will cut rates in September and helped send the S&P 500 and the Nasdaq composite to fresh records.

The U.S. Bureau of Labor Statistics reported last Friday that the nation added only 22,000 jobs in August, while the unemployment rate rose to 4.3%.

In a Truth Social post on Wednesday, Trump continued to pressure the U.S. Federal Reserve to start rate cuts immediately, using the “Too Late” nickname he has given Jerome Powell, chairman of the Fed.

“Just out: No Inflation!!! ’Too Late’ must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!!” he wrote.

The Fed is expected to cut rates soon. Its next policy meeting will be held on Sept. 16 and 17. The Bank of Japan will hold its policy meeting on Sept 18 and Sept. 19, but it is not expected to increase rates at that meeting.