Japan's Nikkei reclaims 30,000-mark as economic optimism swells

By Junko Fujita and Stanley White
TOKYO, Feb 25 (Reuters) - Japan's Nikkei index closed above
the 30,000-mark on Thursday after Federal Reserve Chair Jerome
Powell views signalled that interest rates will remain low for
an extended period.
The Nikkei share average .N225 ended up 1.67% at
30,168.27. The broader Topix .TOPX rose 1.22% to 1,926.23.
Powell told lawmakers on Wednesday it may take more than
three years to reach the central bank's inflation goals, a sign
the Fed plans leave interest rates unchanged for a long time to
come. On Wall Street, all three main indexes ended higher, on
track to post strong monthly gains, with the Dow and the S&P 500
set for their best month since November. .N
"Powell's comments have given a big impact on the Japanese
stock market as well," said Takatoshi Itoshima, strategist at
Pictet Asset Management.
"And we can say even if the market falls one day, it can
rebound easily the next day. That's how strong the fundamental
is."
Fast Retailing 9983.T , the operator of Uniqlo brand
clothing stores, rose 1.78%, making it the biggest contributor
to the Nikkei's gain. SoftBank Group 9984.T , up 0.28%, was the
second-biggest contributor.
Chip-related shares jumped, with Tokyo Electron 8035.T
rising 1.49% and Fanuc 6954.T adding 5.65%. TDK 6762.T
gained 2.36%.
Suzuki Motor 7269.T weighed on the index by falling 3.3%
after the automaker's 91-year old chairman, Osamu Suzuki,
announced his retirement. His announcement came less than a week after rival Honda
Motor 7267.T appointed a new CEO. Honda shares rose 1.24%.
The largest percentage gainers in the index were Mitsui E&S
Holdings Co Ltd 7003.T up 7.83%, followed by Nikon Corp
7731.T gaining 7.04%.
There were 188 advancers on the Nikkei index
against 32 decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 1.25 billion, compared to the average of
1.32 billion in the past 30 days.