The Nikkei Stock Average on Tuesday briefly hit its highest in nearly 27 years before closing at 24,270.62.
At one point, the 225-issue Nikkei average soared to 24,448.07, surpassing the highest closing level of 24,416 set on Nov. 13, 1991. The benchmark index closed 24.86 points higher from the previous day.
The yen's slide against the dollar has continued in the foreign exchange market, boosting stocks of mainly export-related companies, such as automakers, as they are expected to show improved profits.
The Nikkei average has accelerated its upward pace since mid-September. The recent trend has prompted more selling to lock in gains.
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