TOKYO, Jan 23 (Reuters) - Japan's Nikkei share average rose to a 34-year peak on Tuesday, buoyed by Wall Street's climb overnight to a fresh record high and the Bank of Japan's (BOJ) decision to keep ultra-easy policy settings intact.

Japanese stocks received an additional tailwind from a rebound in Chinese equities amid hopes for additional stimulus measures from Beijing.

The Nikkei climbed as much as 1.2% to 36,984.51 after reopening from the midday recess, a level not seen since February 1990. It was 1.01% higher at 36,915.87 as of 0333 GMT.

The BOJ decision came while the market was in the break, with policy makers keeping its short-term rate target at -0.1% and that for the 10-year bond yield around 0%, as had been widely expected.

Focus now turns to BOJ Governor Kazuo Ueda's news conference from around 0630 GMT.

The Nikkei had already renewed its multi-decade high right at the open, taking cues from the U.S. S&P 500, which closed at a record high for a second consecutive session overnight, with tech stocks the standout winners.

"In the absence of any clear drivers, stocks seemed to like the retreat in bond yields," said Kazuo Kamitani, an equity strategist at Nomura Securities in Tokyo.

The 10-year U.S. Treasury yield dipped to a low of 4.075% on Monday, from a high of 4.198% at the end of last week.

If yields remain subdued and U.S. stocks stay firm, and if the yen is stable at current levels of around 148 per dollar , "there would be nothing at all strange if the Nikkei hit 37,000," Kamitani said.

Several Japanese semiconductor-sector stocks outperformed on Tuesday. Lasertec gained 3.43%, while heavyweights Tokyo Electron and Advantest rose 0.61% and 0.83%, respectively.

Japan's broader Topix index advanced 0.5%, and also marked a fresh 34-year high during the session. A Topix index of growth shares jumped 0.71% to comfortably outpace a 0.19% gain in value shares. (Reporting by Kevin Buckland; Editing by Savio D'Souza and Mrigank Dhaniwala)