Nikkei edges near 30-year high on recovery hopes, heavy machinery stocks' gains

  • Reuters
  • Stock Market News
Nikkei edges near 30-year high on recovery hopes, heavy machinery stocks' gains
Credit: © Reuters.

TOKYO, Dec 24 (Reuters) - Japanese shares inched up on Thursday to come within sight of a near three-decade high, as vaccine rollouts buoyed hopes of an economic recovery from the COVID-19 pandemic and heavy machinery stocks gained on a policy shift to greener energy.

Japan's Nikkei share average .N225 rose 0.53% by midday to 26,665.72, edging closer to Monday's high of 26,905, its highest level since early 1991. The broader Topix .TOPX gained 0.56% to 1,775.18.

Rollouts of COVID-19 vaccines are propping up hopes that the economic recovery can gain momentum next year, despite the headwinds from a recently-found more infectious strain and a delay in U.S. pandemic relief package.

Aeon 8267.T rose 3.9% to hit a record high, after the retailer revised its earnings outlook higher for the year to February as consumer confidence picked up after a coronavirus-induced slump. machinery firms gained after Nikkei newspaper reported Japan's new zero emission strategy would target a massive increase in offshore wind power. 7013.T rose 6.3% and Kawasaki Heavy 7012.T gained 4.4%.

The positive mood also saw retail investors flocking to recently-listed shares, with WealthNavi 7342.T gaining 21%.

On the other hand, Hino Motors 7205.T tumbled 9.0% after the truck maker said it would suspend production at two factories in North America until next September due to problems in U.S. engine certification testing process. Group 9984.T dropped 1.8% after China launched an investigation into Alibaba (NYSE: BABA ) Group 9988.HK for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days. Group is the biggest share holder of the Chinese e-commerce giant.

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