The Nikkei 225 stock index surged through the 37,000-point line for the first time in 34 years on Friday, setting the widely watched Japanese benchmark on track to surpass the all-time high set in December 1989.
At its intraday Friday high of 37,285, the index came within a 5 per cent move of the December 1989 all-time high of 38,915.
“The Nikkei has now gained more than 1,000 points in two days, and that can become infectious. At least that’s the theory. It’s a very important index for building overall market sentiment, even if institutional money follows other indices,” said one Tokyo-based broker.
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