Nikkei stock index nears all-time high

Tokyo stocks continued to rally on Friday, with the 225-issue Nikkei average marking a fresh 34-year high and climbing closer to its all-time record.

The benchmark index gained more than 700 points in morning trading, pushing it above 38,800 and moving it near the all-time high of 38,915 recorded in December 1989 during Japan’s bubble era. The index eventually closed at 38,487.24, up by 329.30 points from the previous day.

The broader Topix index also rose 32.88 points to 2,624.73 points, marking the highest point in nearly 34 years. The Topix logged an all-time high of 2,884.80 in December 1989.