Japan’s Nikkei hits new high after topping 1989 peak

Japan's Nikkei 225 has enjoyed strong returns over the past year [File: Eugene Hoshiko/AP]

Japan’s stock market has hit a new high after bursting past its 1989 peak last week following decades of stagnation.

Tokyo’s benchmark Nikkei 225 index rose nearly 0.7 percent in morning trading on Monday, extending a rally that has made Japanese stocks some of the hottest buys of the past year.