Japan’s main stock exchange, the Nikkei 225, has reached its highest level in 33 years as markets across Asia continue to rally.
Fueled largely by gains in technology stocks, the Nikkei rose 1.16% to close at 33,763.18, its highest level since March 1990.
The Nikkei also got a boost from news that the inflation rate in Japan declined to an annualized 2.4% in December, down from 2.6% in November.
Core inflation, which removes volatile food prices, remained unchanged at 2.1% in December and was in line with economists’ forecasts.
Top-performing stocks pushing the Nikkei to new heights were microchip companies Nvidia (NVDA) and Advanced Micro Devices (AMD).
Japanese semiconductor company Tokyo Electron and chip equipment supplier Advantest rose 4.87% and 8.36%, respectively, on the day.
Video-game company Nintendo (NTDOY) was also a strong performer, gaining as much as 4.7%, as rumors swirl that the company plans to release a new console this year.
The Nikkei 225 has been on a bull run since last summer and is now up 30% over the past 12 months.