TOKYO, Jan 14 (Reuters) - Japan's benchmark Nikkei stock average closed at its highest level in three decades on Thursday, helped by a rally in tech shares and better-than-expected core machinery orders.
The mood for equities also brightened ahead of an expected announcement later in the day about U.S. economic stimulus under incoming President Joe Biden.
"The upward market trend is prompting investors to buy more stocks. Investors are buying stocks out of this 'fear of missing out' sentiment," said Takashi Hiroki, chief strategist, Monex Securities.
Chip-related stocks led the gains, tracking a 7% jump in Intel INTC.O after the company said it would replace its chief executive officer and expects to beat its financial forecast for the fourth quarter. tech-related shares also rose after data showed Japan's core machinery orders unexpectedly rose for a second straight month in November. Corp jumped 7.21% to be the largest gainer on the Nikkei 225 index, followed by Yaskawa Electric 6506.T , rising 5.3%.
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