Tokyo's benchmark stock index has hit the 30,000 mark for the first time in over three decades.

The Nikkei Average ended on Monday at 30,084, up 1.9 percent from Friday's close. It is the first time since August 1990 for the index to recover the 30,000 level.

Investors snapped up shares on hopes that proposed additional US economic stimulus and successful vaccination rollouts worldwide will help put the global economy on a recovery path.

The benchmark has gained nearly 10 percent so far this year.

But analysts say it's unclear whether the Japanese economy will recover as many investors expect.

They say the situation is very different from Japan's asset-bubble era about 30 years ago.

Some traders believe the market rally is excessive and doesn't reflect the real economy.