SINGAPORE --- Japanese stocks raced to a record peak on Thursday, breaking levels last seen in 1989 during the halcyon days of the bubble economy, as cheap valuations and corporate reforms lure foreign money looking for alternatives to battered Chinese markets. The Nikkei share average rose about 2% to 39,000 points, above the previous intraday record high of 38,957.44 points touched on the final trading day of 1989. On that day, the benchmark index closed at 38,915.87.
The 34 years it has taken to regain its footing is a record, too, for a major market and is a decade longer than Wall Street took to recoup losses from the 1929 crash and Great Depression.
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Nikkei parties like it’s 1989; scales record high