Stocks in Japan continue to rally, pushing the country’s benchmark Nikkei index near an all-time high.
In Asian trading on Feb. 16, the Nikkei 225 index reached its highest level in 34 years, hitting an intraday high of 38,863.69, which is within 100 points of its record peak.
The continued rally in equities comes despite news that the Japanese economy has fallen into a recession and lost its ranking as the world’s third-largest economy to Germany.
Other stock indexes across Asia also continue to rise, with Hong Kong’s main Hang Seng index climbing 2.41% higher. Mainland Chinese markets are closed for Lunar New Year celebrations.
Asian markets are also catching a tailwind from U.S. equity markets, with all three major indexes in America posting gains on Feb. 15.
The benchmark S&P 500 index in the U.S. closed at 5,029.73, a new record high.
Stocks that have been driving the Nikkei index in Japan higher in recent months include Mizuho Financial Group (MFG) and video game maker Nintendo (NTDOY), among many others.
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