Nikkei 225 hits record intraday high

The benchmark index for the Tokyo Stock Exchange hit another all-time intraday high on Thursday morning. It followed an overnight rally in New York fueled by a prediction from the Federal Reserve for three interest-rate cuts this year.

The Nikkei 225 briefly rose more than 700 points, breaking the previous record. Many investors are buying semiconductor- and export-related issues.

Japan's markets were closed on Wednesday for a national holiday.

New York's three major indexes hit record highs on Wednesday. Investors have been snapping up shares on the rate-cut projection.