STORY: Japanese stocks hit a record high on Thursday.
The moment drew a spontaneous round of applause on the trading floor at Nomura in Tokyo.
Decades on from Japan’s bubble era economy, the Nikkei stock index hit the 39,000 mark.
The 34 years it’s taken to regain the peak is a record for any major market.
And it all comes despite recession at home, conflict around the world, and a global inflation shock.
The Nikkei was Asia’s best performing major bourse in 2023, and is now up around 17% just this year – almost three times the gains for the U.S. Nasdaq index.
No single factor has driven the surge.
A cheap yen has made Japanese stocks more affordable for overseas buyers.
Corporate governance reforms and robust earnings have restored optimism over the country’s big firms.
That’s lured back major investors like Warren Buffett.
And some analysts say Japanese stocks just look cheap, when measured by price-to-earnings ratios – a common…
