Japan's Nikkei 225 surpasses all-time high reached in 1989

Japan’s benchmark index, the Nikkei 225, reached its highest level in intra-day trading on Thursday, surpassing its previous record set in 1989. The index briefly hit 39,029 during afternoon trade. The rally was in part driven by strong earnings reported by US chipmaker Nvidia, leading to a surge in chip stocks. Japanese technology companies also have a positive outlook due to increased demand for artificial intelligence. The overall performance of the Japanese equities market has been exceptional, with the Nikkei index up 28% in 2023, making it the best-performing market in Asia.