The Nikkei 225 stock average achieved a record and broke 60,000 for the first time as trading opened on Thursday morning in Tokyo.  

It hit 60,013.98 at 9:06 a.m. before settling back below the 60,000 level. The benchmark index is now up 16% over the past month and 72% over the past year.    

Thursday’s advance came after overnight gains in U.S. equities, where major indexes surged following President Donald Trump’s announcement of an extended ceasefire, which brought hopes for an end to the U.S.-Israeli conflict with Iran.

Both the S&P 500 and the Nasdaq composite hit records in U.S. trading on Wednesday. 

Stocks in Tokyo were hit hard after the U.S.-Israeli strike on Iran in late February on concerns that the high price of oil would fuel inflation and threaten the economic recovery. 

The Nikkei 225 has now recovered all of the losses that followed the commencement of hostilities.