Japanese shares end higher after scaling 30-year highs

  • Reuters
  • Stock Market News
Japanese shares end higher after scaling 30-year highs
Credit: © Reuters.

TOKYO, Feb 9 (Reuters) - Japanese shares closed higher for a third straight session, after hitting fresh 30-year highs, as strong corporate results and progress in vaccine rollouts raised expectations of a quick economic recovery.

The Nikkei share average .N225 ended 0.4% higher at 29,505.93, while the broader Topix index .TOPX inched up 0.08% to 1,925.54.

"Investors bought back stocks whose fundamentals are strong, like chip-related shares," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley (NYSE: MS ) Securities.

"Airline and railway shares, which had been bought until this morning, became a target for selling as their fundamentals hadn't started to improve yet."

SoftBank Group 9984.T closed with a gain of 3.41%. The stock had gained more than 5% to hit a two-decade high, driven by its Vision Fund's record profits. shares climbed, with Murata Manufacturing 6981.T rising 3.21%, TDK Corp 6762.T jumping 2.65%, Advantest 6857.T adding 2.26% and Tokyo Electron 8035.T jumping 1.9%.

Monex Group 8698.T , the owner of bitcoin exchange operator Coincheck, surged 16.05% as bitcoin jumped after Tesla Inc TSLA.O revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars. airline sector retreated from early gains, with Japan Airlines 9201.T falling 0.95% and ANA Holdings 9202.T losing 0.92%.

Automakers fell as the yen advanced against the dollar, with Honda Motor falling 1.19%, Nissan Motor 7201.T losing 0.02% and Toyota Motor 7203.T falling 0.54%.

The dollar traded at 104.85 yen JPY= , down 0.35% during the Asian trading hours.

The underperformers among the top 30 core Topix names were Hitachi 6501.T which fell 3.06%, followed by Daikin Industries 6367.T losing 2.50%.

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