Tokyo stocks soared as the yen weakened Friday morning, with the Nikkei 225 stock index topping 52,000 for the first time ever.

The benchmark has been rallying all week in a run that has caught many investors off guard. It passed 50,000 for the first time on Monday, before gaining another 1,000 points two days later.

The index closed the day up 2.12%, at 52,411.34, and the yen weakened to ¥154.3 against the dollar from about ¥152 on Thursday.

The Bank of Japan kept its key rate steady at 0.5% on Thursday, which was in line with market expectations, while the U.S. Federal Reserve cut rates by 0.25 percentage points on Wednesday.

Neither the BOJ nor the Fed gave a clear signal about their next rate changes. Analysts are now predicting that the BOJ will make the next move, to 0.75%, in December.

Friday's rally also followed a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Busan, South Korea, on Thursday, and indications of deescalation in the U.S.-China trade war.

“I had a truly great meeting with President Xi of China,” Trump wrote on Truth Social after the meeting. “We agreed on many things, with others, even of high importance, being very close to resolved.”

Trump added in the post that Xi had agreed to resume importation of American farm products and energy, loosen the restrictions on rare earth exports and help stop the flow of fentanyl into the United States. In exchange, the U.S. agreed to cut its fentanyl-related tariffs on China and suspend some restrictions on blacklisted Chinese companies.

Electronics, retail, telecommunications and robotics stocks performed well on Friday. Hitachi shares rose 7.15%. Advantest shares closed up 3.88%, while Japan Tobacco was up 8.93%.