Around the World's Markets: Tokyo

JAPANESE STOCKS rallied to end just shy of their 1999 high, as the real-estate sector sparkled on hopes of a revival in the long-dormant property market.

The blue chip Nikkei 225 index briefly surged by more than 2 per cent to its highest intraday level since 10 September, 1997, before closing up 1.41 per cent at 18,532.81.

The rally was ignited by news that the stock exchange was planning to set up a new market for real estate investment trusts.