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[TOKYO] Japan's Nikkei share average pared gains after probing its highest levels in nearly two years on Tuesday, powered by record highs on Wall Street, a weaker yen and hopes for the global economy.
The Nikkei finished up 0.8 per cent at 20,230.41, after rising as high as 20,318.11 in the morning session, its loftiest peak since August 2015.
Naoki Kamiyama, chief strategist at Nikko Asset Management, said the bullish tone in the Japanese equity market stemmed largely from the stronger dollar and nascent economic recoveries in Japan, the United States and Europe.
In particular, he cited upbeat comments from New York Federal Reserve President William Dudley, who noted that US inflation should rebound alongside wages as the labour market continues to improve. "I believe the economic trend will be unchanged" in coming quarters, even with uncertainty about the next Fed chair, Mr Kamiyama added.
The next target for the Nikkei is 20,500, said Yutaka Miura, a senior technical analyst at Mizuho Securities.