Japan’s Nikkei 225 stock index reached an all-time high again on Thursday morning, tracking a Dow Jones Industrial Average rally overnight after the U.S. Federal Reserve cut rates by a quarter point.

The benchmark closed up 1.15% at ¥45,303.43. It rose as high as ¥45,508.67, breaking the last record of ¥45,055.38, reached only two days earlier.

Trading was choppy and tentative at first on Thursday, then the index moved decisively upward later in the morning, reaching the high for the day at around 2 p.m.

Artificial intelligence and electronics stocks led the rally, with Sony Group closing the day up 3.89%. Tokyo Electron gained 4.97%, while Advantest rose by 4.95%.

The yen weakened slightly; it was trading at about ¥147.2 to the dollar on Thursday afternoon.

Thursday’s high for the Nikkei Stock Average is the fifth record so far in September and follows four in August. It was also the first time in history that the benchmark closed beyond the 45,000 mark.

Tokyo stocks have rallied in recent weeks following Prime Minister Shigeru Ishiba’s resignation announcement and in anticipation of the September rate cut in the United States.

The Nikkei average has gained more than 15% year to date and is up almost 25% over the past year.

The Fed cut its policy rate by 0.25 percentage points on Wednesday in Washington, following months of pressure for it to make a move lower from U.S. President Donald Trump and in the context of continued economic uncertainty.

“Recent indicators suggest that growth of economic activities has moderated,” Fed Chair Jerome Powell said at a news conference announcing the rate cut, while noting higher-than-usual inflation, a slowdown in consumer spending and weak growth in the labor market.

The Fed is expected to cut rates two more times by the end of the year, but Powell dismissed the idea that the plan is set.

“Policy is not on a preset course,” he said.

The Bank of Japan is expected to keep its rates unchanged at a two-day policy board meeting that ends Friday, as uncertainty brought by political change and U.S. tariffs persists.