Japan's Nikkei Index Hits Highest Ever Since 1989

Japan's benchmark Nikkei index got off to a flying start on Friday, opening the morning session at its highest level since Japan's economic bubble burst in the late 1980s. The Nikkei share average was last up 1.6% at 38,769.64, surpassing the post-economic bubble high of 38188.74. So far this year, it's up 14.0%.

The broader Topix was up 1.1% to 2620.53. The Nikkei was within touching distance of the all-time high of 38,957.44, set in December 1989.

The stock market was boosted by a successful day on Wall Street overnight. U.S. stocks closed higher as retail sales data fell more than expected, fueling expectations that the Federal Reserve will begin cutting interest rates in coming months. The index's largest percentage gainers were Advantest Corp, up 4.91%, Tokyo Electron Ltd, up 4.74%, and Resonac Holdings Corp, up 4.32%.