TOKYO, March 16 (Reuters) - Japanese shares gained on
Tuesday and the Topix index hit 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, one
of Japan's biggest trading partners.
The broader Topix .TOPX climbed 0.57% to 1,979.92 by 0154
GMT, rising to its highest since May 1991. The Nikkei share
average .N225 gained 0.85% to 30,018.92, reclaiming its 30,000
mark for the first time since Feb. 25.
"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 2.6%, Tokyo Electron 8035.T rising 1.56% and
Advantest 6857.T jumping 3.6%.
In the airline sector, ANA Holdings 9202.T and Japan
Airlines 9201.T rose 2.91% and 3.81%, 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 2.09% 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 3.11% after
surging up to 24% on Monday on news about a capital tie-up with
Japan Post Holdings 6178.T . The stocks that gained the most among the top 30 core Topix
names were Nintendo Co 7974.T , up 3.98%, followed by SoftBank
Group.
The underperformers among the Topix 30 were Toyota Motor
7203.T , down 0.92%, and Mitsubishi UFJ Financial Group
8306.T , 0.86% lower.
($1 = 109.2000 yen)