Japan’s Nikkei scales 34-year peak on Wall Street record

Japan’s 225-issue Nikkei share average rallied to a fresh 34-year peak on Monday as the U.S. S&P 500’s record-high close on Friday buoyed investor sentiment, despite continued signs of overheating in the Asian market.

After opening sharply higher, the Nikkei fell back slightly in the morning session before rising as much as 1.69% to 36,571.80, a level not seen since February 1990, in late trade. It closed the day 1.62% higher at 36,546.95.

The rally was extremely broad-based, with 207 of the index’s 225 components advancing, versus 17 decliners and one that was flat. Additionally, every Nikkei sector gained, with real estate and technology being the top performers.