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Japan's Nikkei hits 32,000, reaching 33-year high

Passage of U.S. debt ceiling bill fuels buying on Tokyo stock market

The Nikkei Stock Index rose to a 33-year high on Monday.

TOKYO -- The Nikkei Stock Average continued to rise on the Tokyo stock market on Monday, closing at 32,217.43, the highest in 33 years. The index jumped 2.2% from the previous week's close, posting the largest gain this year as many say the rally is being driven by fading concerns over the U.S. debt ceiling issue.

Although the Nikkei average was hit by profit-taking at the end of May, it has trended above its highest level in about 33 years, or since July 1990.

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