TOKYO, Oct 26 (Reuters) - Japan's Nikkei share average
rallied strongly on Tuesday, fuelled by earnings optimism and
following overnight Wall Street gains that took the Dow and S&P
500 to record highs.
The Nikkei closed 1.8% higher at 29,106.01, after
surging at the open and holding those gains through the
Heavy-weights including Uniqlo-owner Fast Retailing
and SoftBank Group jumped 5% and 2.2%, respectively.
The broader Topix advanced 1.2% to 2,018.40, with 31
of its 33 sectors posting gains, led by a 3% rally in shippers
At the other end, banks slipped 0.3% and airlines
were little changed.
"There was no particular catalyst beyond the U.S. stock
highs," said a market participant at a domestic securities firm.
U.S. e-mini futures pointed to a 0.3% rise at the
re-open for the S&P 500, and an index of Asia-Pacific stocks
outside Japan also edged higher, further
A large proportion of S&P 500 companies are due to report
results this week, including technology heavyweights Apple,
Amazon, Microsoft, and Google-operator Alphabet, which have been
the drivers of the Wall Street rally this year.
Sony Group rose 2.6% to its highest since 2000
ahead of earnings results on Thursday.
"Before earnings season gets into full swing, the market is
focused on the psychologically important 29,000 level (for the
Nikkei), and investors may want to take a wait-and-see attitude
there," said another market participant at a domestic securities
Other noteable gainers were Panasonic, rallying
5.6% after unveiling a prototype battery to help key customer
Tesla lower costs.
Telecom company NTT gained 5.4% amid investor
optimism over a revised medium-term business strategy revealed
Toyota Group supplier Denso rose 2.9% following a
target price upgrade at Nomura Securities. Toyota Motor
(Reporting by Tokyo markets team; editing by Uttaresh.V and