TOKYO, Nov. 24 (Xinhua) -- Tokyo stocks ended sharply higher Tuesday, with the benchmark Nikkei stock index closing at its highest level since May 1991, as investor sentiment boosted after the U.S. federal agency greenlighted Joe Biden's presidential transition.
The 225-issue Nikkei Stock Average increased 638.22 points, or 2.50 percent, from Friday at 26,165.59, its highest finish since May 10, 1991.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, rose 35.01 points, or 2.03 percent, to finish at 1,762.40. Japanese financial markets were closed on Monday for a national holiday.
The U.S. dollar remained steady around the mid-104 yen zone following a firm tone on solid U.S. business activity data for November released overnight, some dealers said.
As more cabinet nominations were reported for the Biden administration, the Nikkei briefly rose more than 700 points in the afternoon.
"Expectation for fiscal support rose with reports that Biden plans to nominate Janet Yellen as the next treasury secretary," Kenji Abe, chief strategist at Daiwa Securities Group, was quoted by local media.
The stock market was also boosted after a potential COVID-19 vaccine developed by the University of Oxford and British drugmaker AstraZeneca Plc showed up to 90 percent efficacy in late-stage trials.
By the close of play, securities house, precision instrument and iron and steel issues comprised those that gained the most, and advancing issues outnumbered decliners 1,639 to 466 on the First Section, while 73 ended the day unchanged.
East Japan Railway, which gained 249 yen, or 3.8 percent, to 6,754 yen was among the increased and Central Japan Railway advanced 355 yen, or 2.5 percent, to 14,710 yen.
On the main section on Tuesday, 1,398.69 million shares changed hands, increasing from Friday's volume of 1,088.96 million shares. Enditem
