Japan stocks hover near 29-yr high on vaccine progress, stimulus hopes
By Stanley White
TOKYO, Dec 3 (Reuters) - Japan shares inched up to more than a 29-year high on Thursday as major countries moved closer to rolling out coronavirus vaccines, while hopes of more stimulus also boosted sentiment.
The Nikkei 225 Index rose 0.03% to 26,808.25 by 0204 GMT, near an April 1991 high hit in the previous session, while the broader Topix rose 0.3% to 1,779.27.
Real estate, consumer cyclicals, industrial companies, and financials rose in a sign that investors are betting on sectors that will benefit most from a revival in economic growth.
Britain on Wednesday became the first western country to approve Pfizer Inc's COVID-19 vaccine and said it would start immunization early next week, while U.S. authorities plan to begin vaccinations by mid-December.
In addition, Japan's government has committed to more fiscal spending and U.S. President-elect Joe Biden has pledged to act swiftly on economic stimulus measures.
"There are reflationary elements in the global economy that will benefit Japanese equities," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co.
"But we need to continue to hear good news about the vaccine and see no policy mistakes."
The stocks that gained the most among the top 30 core Topix names were Central Japan Railway Co up 3.3 %, followed by Mitsui & Co Ltd, which rose 2.13%.
The underperformers among the Topix 30 were Hoya Corp down 3.82%, followed by Daikin Industries Ltd losing 2.28%.
There were 154 advancers on the Nikkei index against 68 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board was 0.51 billion, compared to the average of 1.3 billion in the past 30 days. (Reporting by Stanley White; Editing by Ramakrishnan M.)
