Japanese shares jump on Fed's growth projection, Topix at 30-year high

TOKYO, March 18 (Reuters) - Japanese shares jumped on
Thursday, with the Topix index hitting a 30-year high, propelled
by the U.S. Federal Reserve's projection for a rapid economic
growth and pledge for low rates.
The broader Topix .TOPX advanced 1.23% to close at
2,008.51, crossing the 2,000 mark for the first time since May
1991. The Nikkei index jumped 1.01% to 30,216.75, its highest
close in three weeks.
"Investors have a lot of reasons to sell stocks at the end
of the fiscal year end March, but today their appetite for
making bets greatly exceeded the sell-off pressure," said
Takatoshi Itoshima, strategist at Pictet Asset Management.
"The Fed gave investors confidence by brushing off
uncertainties of the rate outlook by pledging to keep its
interest rate at close to zero."
The S&P 500 and Dow Jones Industrial Average closed at
record highs on Wednesday after the Fed said the U.S. economy is
heading for its strongest growth in nearly 40 years, fuelled by
massive federal fiscal stimulus and the roll-out of COVID-19
vaccines. .N In Japan, chip-related shares advanced, with Nikkei
heavyweights Tokyo Electron 8035.T jumping 2.72%, Fanuc
6954.T gaining 1.94% and Advantest 6857.T rising 3.32%.
The airliners gained, with ANA Holdings 9202.T and Japan
Airlines 9201.T rising 1.32% and 1.46%, respectively, as the
Japanese government's advisory panel on coronavirus
countermeasures approved a plan to let the state of emergency
expire in the Tokyo area as scheduled on March 21. Shikoku Electric Power 9507.T surged 5.26% after a media
report said a court ruled that the utility can resume operations
of its only nuclear reactor. Mitsubishi UFJ Financial Group 8306.T , up 5.15%, and
Toyota Motor 7203.T , which rose 4.12%, were the biggest
advancers on the Topix 30.
The underperformers among the Topix 30 were SoftBank Group
9984.T , down 1.73%, followed by Astellas Pharma 4503.T ,
losing 0.50%.