TOKYO, Sept 14 (Reuters) - Japan's Nikkei closed at a more
than 31-year high on Tuesday, led by cyclical stocks tracking
overnight Wall Street gains, while progress in domestic vaccine
rollouts raised hopes for an economic reopening.
The Nikkei share average ended up 0.73% at
30,670.10, its highest since August 1990. The broader Topix
jumped 1.01% to 2,118.87.
"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 (Google,
Apple, Facebaook and Amazon), so the market can't take advantage
of their gains."
Overnight, the S&P 500 ended a five-day 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 subindexes, jumping 3.67%, followed by shippers
, which gained 2.14%.
Refiners gained 2.05% after oil prices rose to
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 Japan's population have been fully
Technology heavyweights SoftBank Group and
Advantest tracked an overnight lower of the Nasdaq
, falling 0.49% and 0.18%, respectively.
Tokio Marine Holdings, up 6.2%, was the best
performer on the Nikkei, followed by Showa Denko, which
jumped 6.19 % and Z Holdings Corp, rising 5.24%.
Konami Holdings fell 2.79 %, making it the worst
performer on the Nikkei, followed by Pacific Metals,
losing 2.72 % and Tokyo Electric Power Company Holdings
, which fell 2.27%.
(Reporting by Junko Fujita; Editing by Rashmi Aich)