Nikkei Peak Since April 1991 Thanks to Vaccine Hopes and Fiscal Stimulus

Nikkei Peak Since April 1991 Thanks to Vaccine Hopes and Fiscal Stimulus

TOKYO (Reuters) - Japan's Nikkei closed Tuesday trading near its 29-and-a-half high amid growing optimism around the imminent release of vaccines from major pharmaceutical companies by the end of the year.

The Nikkei rose 1.34% to close at 26.787.54, close to its high since April 1991, reached earlier in the day. Broader Topix Index climbs 0.77% to 1.768.38.

"There may be some minor adjustments, but Japanese stocks won't fall much", - said Kiyoshi Ishigane of Mitsubishi UFJ Kokusai Asset Management Co.

"Vaccine approval will give a strong boost (to the stock). Some traders also focus on increasing spending on fiscal incentives".

(Stanley White and Aimee Yamamitsu, translated by Olga Devyatiarova. Editor Anna Kozlova)