TOKYO, Sept 14 (Reuters) - Japan's Nikkei hit a more than
31-year high on Tuesday, with cyclical stocks rising the most,
tracking overnight gains in major U.S. indexes, while progress
in domestic vaccine rollouts raising hopes for an economic
reopening also aided sentiment.
The Nikkei share average touched 30,795.78, its
intraday high since August 1990, before ending the morning
session up 0.38% at 30,562.42. The broader Topix gained
0.42% to 2,106.24.
"The difference between today and yesterday is that today's
gain is led by a rebound of U.S. stocks," said Seiichi Suzuki,
chief equity market analyst at Tokai Tokyo Research Institute.
"When economically sensitive (cyclical) stocks lead the U.S.
market, that works favourably to the Japanese market because
Japan has no big growth shares equivalent to GAFA, so the market
can't take advantage of their gains."
Overnight, the S&P 500 ended a five-ay losing streak
led by value shares that are set to benefit most from a
Insurance sector led gains among the Tokyo Stock
Exchange's 33 industry subindexes, with a 2.97% rise, followed
by refiners rising 1.61%, after oil prices rose to
Shippers gained 1.56%.
Sentiment was also boosted by hopes for an economic
reopening as Japan is on track to reach the vaccination levels
of the United States and Europe. The government said https://www.kantei.go.jp/jp/headline/kansensho/vaccine.html
on Tuesday more than 50% of Japanese population have been fully
Technology heavyweights SoftBank Group and
Advantest tracked an overnight lower of the Nasdaq
, falling 0.71% and 0.88%, respectively.
Showa Denko, up 6.53%, was the top gainer on the
Nikkei, followed by Tokio Marine Holdings, which rose
5.43%, and Z Holdings, up 4.33%.
Konami Holdings Corp, losing 3.06%, was the worst
performer on the Nikkei, followed by Pacific Metals,
which fell 2.43%.
(Reporting by Junko Fujita; Editing by Rashmi Aich)