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Japan’s Nikkei 225 briefly crosses 30,000 for first time in more than three decades; Asia-Pacific stocks rise – CNBC

japan’s-nikkei-225-briefly-crosses-30,000-for-first-time-in-more-than-three-decades;-asia-pacific-stocks-rise-–-cnbc

SINGAPORE — Stocks in Asia-Pacific rose in Monday trade, with multiple markets in North Asia closed for Lunar New Year holidays.

In Japan, the Nikkei 225 rose 1.5% while the Topix index gained 0.95%. Earlier in the session, the Nikkei surged past the 30,000 level for the first time in more than 30 years, according to data from Refinitiv.

Government data released Monday showed Japan’s economy growing 12.7% on an annualized basis between October and December last year. The preliminary reading for fourth-quarter gross domestic product was higher than economists’ median estimate of a 9.5% gain, according to Reuters.

South Korea’s Kospi also saw robust gains as it jumped 1.5%. Stocks in Australia edged higher, with the S&P/ASX 200 up about 1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.6% higher.

Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.

Oil prices jump

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 1.79% to $63.55 per barrel. U.S. crude futures gained 2.25% to $60.81 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.319 after weakening earlier this month from the 91.2 handle.

The Japanese yen traded at 105.09 per dollar, weaker than levels below 104.8 against the greenback seen last week. The Australian dollar was at $0.7784 following its rise last week from levels below $0.772.

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