Japanese shares end higher on recovery hopes, Topix hits 20-year peak

TOKYO, March 16 (Reuters) - Japanese shares closed higher on
Tuesday, with the Topix index hitting its best level in 20
years, as high-flying technology stocks tracked Wall Street
higher on hopes for a strong economic recovery in the United
States.
The broader Topix .TOPX climbed 0.65% to 1,981.50, its
highest close since May 14, 1991. SoftBank Group was the biggest
boost to the index, followed by Sony 6758.T , which rose 1.62%.
The Nikkei share average .N225 gained 0.52% to 29,921.09.
"The market sentiment is very strong. It's lifted by the
optimism that most of Japanese companies would benefit from the
recovery of the U.S. economy," said Hideyuki Ishiguro, senior
strategist at Daiwa Securities.
"Investor confidence was boosted also because the U.S. bond
yields retreated. Cash payments to American individuals,
followed by the passage of the U.S. economic relief package, is
another reason to support the market."
The S&P 500 and Dow Jones Industrial Average closed at
record highs on Monday, while the tech-heavy Nasdaq climbed over
1%. .N
Japan's technology shares advanced too, with SoftBank Group
9984.T jumping 2.41%, Tokyo Electron 8035.T rising 1.54% and
Advantest 6857.T jumping 3.37%.
In the airline sector, ANA Holdings 9202.T and Japan
Airlines 9201.T rose 2.35% and 3.85%, respectively, tracking
U.S. peers Delta Air Lines DAL.N and Southwest Airlines
LUV.N , which said leisure bookings were rising. Travel agency H.I.S. 9603.T gained 1.42% despite the
COVID-19 crisis leading it to a 7.9 billion yen ($72.34 million)
quarterly net loss.
E-commerce firm Rakuten Inc 4755.T fell 1.44% after
surging up to 24% on Monday on news about a capital tie-up with
Japan Post Holdings 6178.T . Ebara Corp 6361.T was the biggest gainer in the Nikkei
index, rising 6.25%, followed by CyberAgent 4751.T , which rose
4.46%. Kawasaki Kisen 9107.T followed with a 4.38% rise.