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Japan’s Nikkei average hit a three-week closing high on Tuesday as trading resumed after a long weekend..
Investor sentiment was supported by overnight gains on Wall Street and comments last week from the Bank of Japan that showed a dovish bias..
The Nikkei average ended trading up 0.57 percent at 37,940.59, its highest close since Sept. 3. It rose about 1.9 percent to 38,427.15 earlier in the session, surpassing the 38,000 level for the first time since Sept. 4..
Japanese markets were closed on Monday for a holiday..
U.S. stocks closed modestly higher on Monday as investors assessed market trends in the week following the Federal Reserve’s interest rate cut..
The Bank of Japan kept interest rates unchanged on Friday, with Governor Kazuo Ueda saying the bank could wait for some time to monitor the fallout from global economic uncertainty, meaning it is in no rush to raise borrowing costs further..
Ueda reiterated on Tuesday that the bank is in no rush to raise interest rates again..
Electronic components maker TDK jumped 4.21 percent, providing the biggest boost to the Nikkei..
Tokyo Electron, a chip-making equipment maker, erased early gains to fall 0.93 percent, the biggest drag on the index..
The broader Topix index rose 0.54 percent to 2,656.73 percent, with Hitachi jumping 5 percent to provide the biggest boost to the index..
