Photo/IllutrationThe Nikkei stock index on Sept. 28 rises more than 400 points, reaching a high for the period after the collapse of the asset-inflated economy. (Shinya Wake)

  • Photo/Illustraion

The Tokyo Stock Exchange continued its bullish run on Sept. 28, at one point reaching the highest level in its benchmark index not seen in more than a quarter-century.

At one time during afternoon trading, the Nikkei 225 index soared by more than 400 points over the close of the previous day, reaching 24,286.10 points, which was higher than the previous high for the year recorded on Jan. 23.

The last time that level was seen was in November 1991, and the temporary high of Sept. 28 marks the highest point since the collapse of the asset-inflated bubble economy.

Higher interest rates in the United States also led to a weakening of the yen against the dollar, with the U.S. currency at one time trading above 113.60 yen, a level not reached since December 2017. That led to increased trading of stocks of export-based companies.

At the close of trading, however, the Nikkei index settled to 24,120.04 points, an increase of 323.30 points over the close of the previous day, but just short of the closing high for this year.

The weaker yen as well as higher stock prices at the New York Stock Exchange also contributed to pushing up the Nikkei index.

"There is the possibility that the Nikkei index could reach further highs if prices of Chinese stocks remain firm in the wake of the announcement by the Chinese government that it would implement an income tax cut," said Akira Tanoue of Nomura Securities Co.