World equities started the week with a rally as Japan’s Nikkei 225 index closed above 30,000 for the first time since 1990. European markets closed sharply higher on Monday following gains in Asia. Shanghai and Hong Kong were closed for the lunar New Year. US markets remained closed Monday for President’s Day. The strong acquisition in Tokyo was driven by the news that the Japanese economy grew at an almost 13% annual rate in the last quarter, and by strong corporate revenue reports, AP reports. It was the second straight quarter of growth after a downturn that was drastically exacerbated by the impact of the pandemic.
Japan’s recovery should put the economy on track to recover before the pandemic next year, helped by a recovery in demand for exports to the US and other major trading partners, said Marcel Thieliant of Capital Economies in a report. Japan recently reintroduced a state of emergency in Tokyo and several other prefectures to combat a resurgence of outbreaks. But sustained corporate investment and government spending are expected to help offset the impact on travel, restaurants and other sectors most affected. The Nikkei 225 opened up 1.9% at 30,084.15. It was the highest level since August 1990, just as Japan’s bubble economy began to implode after peaking at almost 39,000 in 1989.
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