Scaling forgotten peaks can make even seasoned climbers dizzy. On Wednesday, Hong Kong’s Hang Seng closed above 30,000, a level last breached in 2007. Japan’s Nikkei 225 has recovered to a level not seen since before the 1997 Asian crisis. South Korea’s equity benchmark is also setting records. To assess whether these rallies are sustainable, it pays to look at what is driving them.
即便是經(jīng)驗(yàn)豐富的登山者，在攀登被人遺忘的高峰時(shí)也可能會(huì)暈頭轉(zhuǎn)向。周三，香港恒生指數(shù)(Hang Seng index)在3萬(wàn)點(diǎn)上方收盤，這是2007年以來(lái)未見(jiàn)水平。日本日經(jīng)225指數(shù)(Nikkei 225)已經(jīng)回升至1997年亞洲危機(jī)之前水平。韓國(guó)的基準(zhǔn)股指也在刷新紀(jì)錄。要評(píng)估這些漲勢(shì)是否可持續(xù)，不妨看一看是什么因素在驅(qū)動(dòng)著它們。
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