Benchmark tops highest-ever level reached in late-1980s asset bubble after powerful rally since January
Japan’s main stock market index has climbed past its all-time high after a 34-year wait, exceeding the record level reached during the country’s late-1980s asset bubble. The Nikkei 225 index of the biggest Japanese companies passed its all-time record intraday high of 38,957 points during trading on Thursday, to close above 39,000 for the first time ever. The closing level of 39,098 was described by one sales trader as the “psychological closure everyone wanted”.
“It’s an incredibly important barrier for Japan to have finally broken through,” said Bruce Kirk, chief Japan equity strategist at Goldman Sachs. “For the last 30-plus years, Japan has been persistently framed in relation to that December 1989 bubble era Nikkei all-time high,” Kirk added. “No matter how well it has done since the market finally bottomed, the narrative has always been tempered with an element of scepticism that references the high-water mark.
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