Tokyo's Nikkei index hits new 30-year high

TOKYO — Japan's benchmark Nikkei index climbed to a new 30-year high on Tuesday, tracking Wall Street gains on hopes for additional stimulus.

The benchmark Nikkei 225 index gained 0.40 per cent, or 117.43 points, to close at 29,505.93, while the broader Topix index advanced 0.08 per cent, or 1.59 points, to 1,925.54. 

"The Nikkei index struggled to grow after investors became cautious about overheating, but it steadily hovered around the 29,500 level," Okasan Online Securities said.

Analysts said hopes for further US economic stimulus and the positive effect of Japan's own virus rescue package supported the market, as well as progress on vaccine rollouts.

Japan hopes to begin vaccinating selected healthcare workers against COVID-19 next week.

In Tokyo trading, SoftBank Group jumped 3.40 per cent to 9,808 yen after it said net profit rocketed to $11.1 billion in the third quarter, as stock rallies and asset sales helped solidify its recovery.

Renesas rallied 1.74 per cent to 1,224 yen after it confirmed late Monday it will acquire its German-British competitor Dialog, a semiconductor specialist and Apple supplier, in a $5.9 billion deal.

Uniqlo casual wear operator Fast Retailing climbed 1.60 per cent to 95,130 yen while Sony dropped 2.23 per cent to 11,825 yen.

Honda fell 1.19 per cent to 2,977 yen before the company announced it is upgrading its full-year net profit forecast to 465 billion yen.

Nissan was flat at 629.5 yen ahead of the release of its financial results, while Toyota, whose results come on Wednesday, dipped 0.53 per cent to 7,994 yen.

The dollar fetched 104.87 yen in Asian trade, against 105.22 yen in New York.