Traders said foreign buyers were increasingly piling into the market as the yen rose against the dollar. Institutions were afraid of missing the effect of the rise, which boosts the value of dollar-denominated portfolios. "The bear market that began in December 1989 ended in March 1999," said one analyst.
STOCKS surged through the 16,000 barrier for the first time since August last year on the back of foreign buying and upbeat comments from the Bank of Japan. The Nikkei 225 closed up 1.86 per cent, or 293.22 points, at 16,072,82.