Japan's Nikkei stock index closes above 40,000 for the first time

March 4 (UPI) -- Japan's Nikkei stock index breached 40,000 for the first time Monday, closing at a record-high 40,109.23 after reaching a high of 40,314.64 during trading.

The Nikkei added 198.41 points, or 0.5% Monday, on top of Friday's gain of 744.63 points, or 1.9%. The index has gained 20% so far this year and hit its first all-time high in 34 years last month.

"The market has been lifted by buying of undervalued large-cap stocks, while chip-related shares gained even further at the same time backed by the strength of their U.S. peers," Seiichi Suzuki, chief equity market analyst at the Tokai Tokyo Research Institute, said, according to Kyodo News.

The Nikkei began its climb amid aggressive monetary easing by the Bank of Japan.

The record comes amid signs of economic strength around the world, with the S&P 500 and Nasdaq Composite reaching record highs Friday. U.S. stocks slid after opening Monday.

China's CSI 300 closed Monday at 3,540.87, up 0.1% ahead of China's "Two Sessions" meetings, during which China's premier Li Qiang is expected to detail the country's economic and policy goals.

Growth in energy stocks pushed India's Nifty 50 up 0.1% to a record high. South Korea's Kospi rose 1.21%.

The Tokyo Stock Price Index, or TOPIX, fell 0.12% Monday after reaching a record high Friday.