Nikkei briefly hits highest level in over 30 years

Investors in Tokyo snapped up stocks on Thursday on hopes for additional stimulus measures in the US. An overnight rally in New York also supported the rise.

The benchmark Nikkei Average ended at 27,490, up 1.6 percent from Wednesday's close. The index briefly reached its highest level in more than 30 years. But reports of another surge in coronavirus cases across Japan capped the gains.

Financial stocks got a boost after the yield on the US 10-year Treasury note rose to its highest point in about 10 months. Investors believe higher interest rates will make lending by banks more profitable.