Japan’s Nikkei hits 34-year peak

Japan’s Nikkei share average closed at a fresh 34-year high on Tuesday at 37,963.97 points, a 2.89 per cent increase, as trading resumed after a long holiday weekend, Reuters reported on Tuesday. The broader Topix index rose 2.12 per cent.

Tech-related shares and strong corporate earnings supported the benchmark stock index, with chip-sector giant Tokyo Electron Ltd gaining 13.33 per cent and SoftBank Group Corp rising 6.27 per cent.

Japanese equities also received a boost from a strong performance on Wall Street and a weakened yen, boosting the value of overseas revenue for exporters.

Out of the index’s 225 constituents, 196 gained, while 26 declined. The U.S. consumer price index (CPI) report out later on Tuesday will be in focus as the Nikkei climbs toward its all-time high.

Otsuka Holdings was among the decliners, shedding 5.05 per cent after the company said its experimental drug failed to meet a primary late-stage trial goal in treating agitation associated with dementia due to Alzheimer’s disease.