Japan’s Nikkei 225 Stock Average touched ¥30,000 for the first time since August 1990 on signs economic recovery is intact at home and on progress with the U.S. stimulus package.
The gauge rose as much as 1.6% on Monday, taking it a step higher on the climb back to its bubble-era levels. The rally follows the broader Topix Index’s recent record-breaking highs, as it rose to the highest point in nearly three decades.
While equities globally have hit new heights in recent months, the Nikkei 225 still needs to gain almost another 30% to surpass its record of ¥38,915.87. That was reached in the final trading session of 1989, before the index went on to lose more than half its value in three years after the economic bubble burst.