© Reuters. A cyclist and passersby pass in front of electronic screens displaying Japan’s Nikkei share average outside a brokerage in Tokyo, Japan February 22, 2024. REUTERS/Issei Kato
By Ankur Banerjee and Rae Wee
SINGAPORE (Reuters) -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 share average rose as high as 39,156.97 points, above the previous intraday all-time peak of 38,957.44 points touched on the final trading day of 1989. On that day, the benchmark index closed at 38,915.87 while on Thursday the Nikkei finished 2.19% higher at 39,098.68. 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…
