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Japan's Nikkei index hits 26-year high | Japan's Nikkei index hits 26-year high |
(35 minutes later) | |
The Nikkei index of 225 leading Japanese shares reached its highest level for 26 years at the end of trading on Tuesday. | The Nikkei index of 225 leading Japanese shares reached its highest level for 26 years at the end of trading on Tuesday. |
It added 0.6% to its value to end at 23,849.99 when the markets reopened following a public holiday on Monday - its highest level since November 1991. | |
The index was helped by gains on Wall Street during the holiday. | The index was helped by gains on Wall Street during the holiday. |
The Nikkei's rise follows Japan's longest period of economic growth in more than two decades. | |
Japan's economy has been boosted by Prime Minister Shinzo Abe's Abenomics reform package and a rise in business investment. | |
He introduced the reforms in December 2012 with a plan to take Japan's economy out of a long period of stagnant growth using the three "arrows" of Abenomics - monetary policy, fiscal stimulus and structural reforms. | |
In December, the world's third-largest economy showed its seventh straight quarter of growth. | |
This put the country in its longest stretch of uninterrupted growth since at least 1994, when comparable data was made available. | |
In an attempt to revive the economy in 2001, the country introduced a policy of zero interest rates to make it cheaper for consumers and companies to borrow money rather than save it. | |
However, the policy was scrapped in the summer of 2006. |
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