Nikkei hits 30-year high in dollar terms on stimulus hopes

TOKYO, Sept 3 (Reuters) - Japan's Nikkei share average
.N225 hit a six-month high on Thursday and reached its highest
level in three decades in dollar terms, as hopes of more global
and domestic economic stimulus boosted sentiment.
Nikkei .N225 rose 1.35% to 23,561.01 by midday, its best
level since Feb. 21. Converted to dollars, that put the index at
its highest since 1990.
"Coronavirus infections are slowing in many parts of the
world as various social distancing and hygienic measures have
been taken. So clearly, we can say the economy is improving
after a brief lull in August," said Nobuhiko Kuramochi, market
strategist at Mizuho Securities.
"The Japanese government is likely to extend support for
employment and the U.S. yield curve is not pricing in any hike
until 2024, prompting investors to buy risk assets," he added.
The broader Topix .TOPX rose 0.88% to 1,637.75, a
six-month high.
Fast Retailing 9983.T , which has a heavier weighting on
the Nikkei compared to Topix, rose 3.7% after reporting strong
domestic sales for August.
Semiconductor-related shares also climbed, with Shin-etsu
Chemical 4063.T , manufacturer of semiconductor wafers, rising
4.5% and small motor maker Nidec 6594.T gaining 2.3%.
Game maker Nintendo 7974.T rose 0.9% to a 12-year high.
Cable TV operator Sky Perfect JSAT Holdings 9412.T soared
11.8% after posting a surprise jump in profit, partly due to a
fall in costs as the cancellation of various professional sports
events led to lower payments for broadcast rights. SBI Holdings 8473.T rose 5.2% after a media report said
its president discussed a plan to extend a union on regional
banks it leads to about 10 banks.
Value shares .TOPXV led the gains with a rise of 1.07%,
partly helped by improved sentiment after Warren Buffett's
Berkshire Hathaway BRKa.N bought a 5% stake in five Japanese
trading houses.