Hospitality Sector Boosts Tokyo Stocks

The Nikkei index reached its highest level in nearly 3 decades on Tuesday, November 10, as stocks of companies that have been hit by the pandemic in the aviation, railway operation and retail sectors jumped on news of progress in developments related to a Covid-19 vaccine.

Investors switched to battered value stocks while selling stocks that benefited from the home stay trend during the pandemic, such as internet and gaming companies.

The Nikkei rose 0.26% to 24,905.59 points, after reaching its highest level since June 1991 during the session. The broader Topix index gained 1.12% to 1700.80.