Japan shares end near 29-yr peak

TOKYO, Dec 03 (Reuters): Japan shares held close to a 29-1/2-year high on Thursday as major countries moved closer to rolling out coronavirus vaccines, while hopes of more stimulus also boosted sentiment.

The Nikkei 225 Index ended up a modest 0.03 per cent at 26,809.37, but settled near its highest since April 1991, while the broader Topix rose 0.07 per cent to 1,775.25.

Real estate, consumer cyclicals, industrial companies, and financials rose in a sign that investors are betting on sectors that will benefit most from a revival in economic growth.

Britain on Wednesday became the first western country to approve Pfizer Inc's COVID-19 vaccine and said it would start immunization early next week, while US authorities plan to begin vaccinations by mid-December.

In addition, Japan's government has committed to more fiscal spending and US President-elect Joe Biden has pledged to act swiftly on stimulus measures.

"There are reflationary elements in the global economy that will benefit Japanese equities," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co.