Nikkei at 2-1/2-month high as investors cheer Japan's decision to reopen

SYDNEY, May 26 (Reuters) - Japanese stocks on Tuesday
climbed to their highest in more than two months as investors
cheered Prime Minister Shinzo Abe's decision to lift the state
of emergency and end coronavirus-induced restrictions
nationwide.
The benchmark Nikkei average .N225 rose 2.2% to 21,197.04
points, a level unseen since March 5, with air and land
transport shares leading the rally.
Prime Minister Abe said late Monday that the state of
emergency will be lifted for all of Japan, including Tokyo and
its surrounding areas, and that the country managed to get the
outbreak under control in under two months. Getting greater Tokyo, which accounts for about one-third of
Japan's gross domestic product, back on its feet is vital to the
country's overall economic recovery.
The broader Topix .TOPX rose 1.6% to 1,525.79, also its
highest level in nearly 12 weeks, with all but one of 33 sector
sub-indexes on the Tokyo exchange trading higher.
Air transport .IAIRL.T became the best performing sector
on the main bourse for two days in a row, with Japan Airlines
9201.T and ANA Holdings 9202.T soaring 8% and 4.5%,
respectively.
West Japan Railway 9021.T jumped 6.7% and Central Japan
Railway 9022.T advanced 4.2%, also supported by hopes of
demand rebound following the reopening from the lockdown.
Elsewhere, the index of Mothers startup market .MTHR added
1.1% to a level unseen since January 2019.
AnGes Inc 4563.T surged 16.4% after business daily Nikkei
reported the biopharma venture is set to begin a clinical trial
of a COVID-19 vaccine in July, raising hopes that the medication
could secure government approval by the end of this year.
Bucking the overall market, Fujifilm Holdings Corp 4901.T
slipped 0.1% after Kyodo News reported that the Japanese
government has given up on approving the company's Avigan drug
for COVID-19 treatment by the end of May.