In late 1989, when the Japanese stock market hit its previous record high, the country was in the grip of one of the biggest asset price bubbles in history and its newly minted millionaires were buying trophy assets around the world.
But this week, as the Nikkei 225 finally broke through that peak after a 34-year wait, investors said that a lack of such exuberance is a sign that the market could have much further to climb.
“It is completely different from the bubble era,” said Seiji Nakata, the president of Daiwa Securities. “The stock level [this time] was achieved on calm rationale and without any feeling of overheating.”
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