Nikkei 225 December Futures Close Thursday +315.00 to 14,510 (EWJ)

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Get ready to party like its 1999. At least that's what the charts for the Nikkei 225 look like. The Nikkei 225 soared 240 points to 14,411 Thursday in Japan. The Nikkei 225 December futures traded in the U.S. then skyrocketed today 305 points to 14,510.

The last time the Nikkei had this long and this powerful of a rise was in the late 1998 to early 2000 time frame. The current upward trend began taking shape in May of 2003 but the Nikkei really started to take off this summer after continued large influxes of foreign investment capital and the decision by P.M. Koizumi to call a snap election in order to determine the fate of his biggest reform plans to-date, the privatization of Japan Post. In the background are other important factors that can't be overlooked, such as the realized benefits of corporate restructuring and the revival of Japanese banks, none of which played a role in 98-00.