Japan's Nikkei stock index breaks its 1989 record and surges to an all-time high

Japan’s benchmark Nikkei 225 index has surged past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. It had been hovering for weeks near 34-year highs. The Nikkei 225's previous record was 38,915.87, set on Dec. 29, 1989. That’s more than a generation ago, at the height of Japan’s post-war economic boom. Stock prices have been rising in recent months, even as the economy slipped into recession. Foreign investors, who account for a large share of trading volume, plunged in seeking bargains thanks to the yen’s weakness against the U.S. dollar.