After 34 years, Japan’s Nikkei 225 completes a roundtrip

The Nikkei 225 — an oddly constructed index covering the top 225 Japanese companies — is back at levels not reached since 1989. The Nikkei 225 JP:NIKrallied 2.2% Thursday to finish at 39,098.68, taking out the Dec. 1989 peak of 38,916 in the process.“Although the most recent push to these levels has been rapid, we do not view this as a mountaineering ascent to a peak where the next phase is how to manage the descent,” said Morgan Stanley strategists led by Jonathan Garner