Nikkei 225 crosses 30,000 for the primary time in over 30 years

SINGAPORE – Asia Pacific stocks rose on Monday, and several markets in North Asia were closed for the New Year holidays.

In Japan, the Nikkei 225 rose above the 30,000 level for the first time in more than 30 years, according to Refinitiv. It was last traded 1.67% higher while the Topix index was up 0.92%.

Government data released on Monday showed that Japan’s economy grew 12.7% on an annualized basis between October and December last year. According to Reuters, the preliminary value for the gross domestic product for the fourth quarter was above the economists’ average estimate of 9.5%.

South Korean Kospi also posted strong gains as it rose 1.7%. Australian stocks rose, with the S & P / ASX 200 up 0.91%.

MSCI’s broadest index for stocks in the Asia-Pacific region outside of Japan rose 0.63%.

The markets in China, Hong Kong, Taiwan and the USA are closed on Mondays for public holidays.

Oil prices jump

Oil prices were higher in the afternoon of Asia’s trading hours. The international benchmark’s Brent crude oil futures rose 1.95% to $ 63.65 a barrel. US crude oil futures rose 2.39% to $ 60.89 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, stood at 90.316 after weakening against the 91.2 handle earlier this month.

The Japanese yen was trading at 105.01 per dollar, weaker than below 104.8 against the greenback last week. The Australian dollar was trading at $ 0.7786 after rising below $ 0.772 last week.

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