Japanese shares hit highest level since 1991

Japanese share rose to its highest level since late 1991 on Tuesday, as a firmer dollar supported exporter stocks and expectations for strong corporate earnings bolstered investor sentiment.

The Nikkei ended 1.0 per cent higher at 23,951.81 after reaching an intraday peak of 23,962.07, its highest since November 1991.

The index had slipped to as low as 23,588.07 on Friday when the dollar took a steep dive versus its Japanese peer, reports Reuters.

Information technology service provider Obic Co rose as much as 7.9 per cent to an 18-year peak.

Exporters were lifted as the dollar on Tuesday bounced back from four-month lows versus the yen.

Toyota Motor Corp added 1.05 per cent, Tokyo Electron rose 1.6 per cent and Panasonic Corp climbed 0.6 per cent.

The broader Topix rose 0.55 per cent to 1,894.25.

Out of Tokyo’s 33 sub-indexes, 22 were in positive territory, led by fish and forestry and electrical machinery. Iron and steel and sea transport led the losing sectors.