Japan’s main stock index closes above 1989 record high

BBC: Japan’s main stock index has hit an all-time closing high, surpassing the previous record set 34 years ago.
The Nikkei 225 rose 2.19 percent yesterday to end the trading day at 39,098.68.

That topped the previous record closing high of 38,915.87 set on 29 December 1989, the last day of trading that decade.

Asian technology shares were boosted after US chip giant Nvidia revealed strong earnings, driven by demand for its artificial intelligence processors.

Global investors are returning to the benchmark index thanks to strong company earnings, even as the country’s economy has fallen into a recession.

The weakness of the Japanese currency has also helped to boost share prices of Japan’s exporters as it makes their products cheaper in overseas markets.

The Nikkei 225 hit its previous record high after years of soaring stock and property prices.

Less than three years after that peak the benchmark index had lost almost 60 percent of its value as the Japanese economy was engulfed in an economic crisis.

Since then the Japan has struggled with little or no economic growth and falling prices, known as deflation.