Scaling forgotten peaks can make even seasoned climbers dizzy. On Wednesday, Hong Kong’s Hang Seng closed above 30,000, a level last breached in 2007. Japan’s Nikkei 225 has recovered to a level not seen since before the 1997 Asian crisis. South Korea’s equity benchmark is also setting records. To assess whether these rallies are sustainable, it pays to look at what is driving them.
即便是经验丰富的登山者，在攀登被人遗忘的高峰时也可能会晕头转向。周三，香港恒生指数(Hang Seng index)在3万点上方收盘，这是2007年以来未见水平。日本日经225指数(Nikkei 225)已经回升至1997年亚洲危机之前水平。韩国的基准股指也在刷新纪录。要评估这些涨势是否可持续，不妨看一看是什么因素在驱动着它们。
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