Japanese stocks closed at a more than 18-year high today, surpassing the height of the global IT bubble, boosted by confidence Greece will reach a last-minute debt reform deal with its creditors this week. 

The benchmark Nikkei 225 index at the Tokyo Stock Exchange gained 59 points (0.28%) to close at 20,868, its highest finish since December 1996. 

It rose to above the Japanese peak of the so-called dot-com bubble in April 2000 when the index hit 20,833. 

The Topix index of all first-section issues was up 0.2% at 1,679.89. 

The Tokyo bourse rose sharply in late 2012 as Prime Minister Shinzo Abe came to power and embarked on pro-public spending policies, sending the yen tumbling in a boost for Japanese exporters. 

The Nikkei has climbed nearly 20% since the start of this year, following a rise of over 7% in 2014 and a 57% surge in 2013.

Analysts noted that the Japanese economy is improving and corporate earnings are doing well.  

Investors were betting on a breakthrough to end a five-month stalemate between Greece and its creditors, which would unlock billions of euros in funding Athens needs to repay a debt on June 30. 

Failure to do so will see the country default and possibly crash out of the euro zone, and even the European Union. 

Global markets have rallied this week after Greece handed over a set of reform proposals that met many of its creditors' demands.