TOKYO (Reuters) - Japan’s Nikkei share average rallied to a 29-year high on Tuesday as battered airlines, railway and department store operator shares jumped on news of progress in the development a COVID-19 vaccine.
Investors switched to beaten-down value shares while dumping those which benefited from the stay-at-home trend during the pandemic, such as internet service firms and game companies.
The Nikkei rose 1.17% to 25,131.71, hitting its best level since June 1991 and rising for a sixth straight session. The broader Topix gained 1.62% to 1,709.06.
Airliner ANA Holdings jumped 16.9%, while the country’s three big railway operators — East Japan Railway, West Japan Railway and Central Japan Railway — all vaulted more than 10%.
Department store chain J. Front Retailing gained 10.7%, while rival Isetan Mitsukoshi soared 8.9%.
Original Article: https://www.reuters.com/articl...
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