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 States.
The Nikkei share average .N225 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."
In the airline sector, ANA Holdings 9202.T and Japan Airlines 9201.T rose 2.35% and 3.85%, respectively, tracking U.S. peers Delta Air Lines (NYSE: DAL ) DAL.N and Southwest Airlines (NYSE: LUV ) LUV.N , which said leisure bookings were rising. agency H.I.S. 9603.T 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 4755.T fell 1.44% after surging up to 24% on Monday on news about a capital tie-up with Japan Post Holdings 6178.T . Corp 6361.T was the biggest gainer in the Nikkei index, rising 6.25%, followed by CyberAgent 4751.T , which rose 4.46%. Kawasaki Kisen 9107.T followed with a 4.38% rise.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.