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Nikkei Approaches 38K for First Time since ‘90

Japan’s Nikkei 225 briefly crossed the 38,000 mark for the first time since the asset bubble burst in 1990 as it rallied about 3% and pushed 34-year highs.
In Japan, the Nikkei 225 ripped loose, gaining 1,066.55 points, or 2.9%, to 37,963.97, falling short of the landmark level at the end of the day.

Japan’s corporate goods price index rose 0.2% in January, beating the 0.1% expected by economists polled by Reuters. That compares with the revised 0.2% growth rate for December.

Australian markets were again down, marking a third straight day of losses.

In other markets,

Markets in Hong Kong, Taiwan, Shanghai remained shuttered for the Lunar New Year.

Meanwhile, Singapore’s Straits Times Index resumed trading by gaining 3.57 points, or 0.1%, to 3,141.87.

In Korea, the Kospi picked up 29.32 points, or 1.1%, to 2,649.64.

In New Zealand, the NZX 50 dipped 18.3 points, or 0.2%, to 11,739,68.

In Australia, the ASX 200 loosened 11.34 points, or 0.2%, to 7,603.58.