Japan's Nikkei 225 hits new high after topping 1989 peak

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Asia Pacific

Japan's Nikkei 225 hits new high after topping 1989 peak

Asian stocks extended their rally on Monday, as investors await a slew of economic data this week from the region. Japan's Nikkei 225 hit a fresh record high, boosted by gains in the pharmaceutical sector, as traders returned from a long weekend. That's after the benchmark index broke the 1989 all-time peak last week, surpassing 38 915 on Thursday. The index has gained more than 16-percent so far this year, on the back of cheap valuations and corporate reforms, that have helped lure back foreign investors looking for alternatives to battered Chinese markets. The broader Topix is up 0.8 percent. While China's blue-chip CSI 300 inched 0.1 percent higher to register its tenth straight day winning streak. It follows Wall Street's main indexes, which hit record highs on Friday.