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
The broader Topix 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, which rose 1.62%.
The Nikkei share average 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
Japan's technology shares advanced too, with SoftBank Group
jumping 2.41%, Tokyo Electron rising 1.54% and
Advantest jumping 3.37%.
In the airline sector, ANA Holdings and Japan
Airlines rose 2.35% and 3.85%, respectively, tracking
U.S. peers Delta Air Lines and Southwest Airlines
, which said leisure bookings were rising.
Travel agency H.I.S. 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 fell 1.44% after
surging up to 24% on Monday on news about a capital tie-up with
Japan Post Holdings.
Ebara Corp was the biggest gainer in the Nikkei
index, rising 6.25%, followed by CyberAgent, which rose
4.46%. Kawasaki Kisen followed with a 4.38% rise.
(Reporting by Junko Fujita; Editing by Devika Syamnath)