TOKYO, Nov 11 (Reuters) - Japanese shares hit a more than
29-year high on Wednesday, as investors remained hopeful of a
swift global economic recovery from the COVID-19 pandemic on
vaccine-related developments.
The benchmark Nikkei share average rose 1.74% to
25,338.52 by the midday break, extending gains from the previous
session when it hit its highest level since June 1991. On the
index, there were 186 advancers against 37 decliners.
The broader Topix gained 1.34% to 1,723.65. All but
two of the 33 sector sub-indexes on the Tokyo exchange traded
higher.
U.S. stock futures edged higher in early Asian trade, also
providing a tailwind to the market.
Some market participants said that the Nikkei index may
extend its gains if remaining company earnings report could
support the view that the economy is on its path to recovery.
Cyclical financials sector outperformed as they benefited
from an overnight jump in U.S. Treasury yields, with insurers
and banks up 2.49% and 2.27%,
respectively.
Airlines ANA Holdings and Japan Airlines,
which had soared around 17% each on Tuesday on the vaccine
rally, lost steam and were last down 2.27% and 3.07%,
respectively.
Internet service provider DeNA was among the
largest percentage gainers in the index, soaring more than 14%
after it posted upbeat half-year earnings.
Regional banks gained after the Bank of Japan unveiled on
Tuesday a scheme aimed at incentivising regional lenders to
consolidate and help revitalise regional economies.
Concordia Financial Group jumped more than 4.7%,
followed by Chiba Bank and Shimane Bank rising
3.4% and 2.97%, respectively.
Kansai Mirai Financial Group jumped 12.37% after
Resona Holdings said it would pay up to 66.15 billion
yen to take full control of the company. Resona Holdings climbed
nearly 3.5%.
(Reporting by Eimi Yamamitsu; Editing by Rashmi Aich)