Japan's Nikkei closes at two-week high as chips rally on dovish Fed tilt

Japan's Nikkei share average closed at the highest level in two weeks on Wednesday as chip stocks led a rally on bets for a more dovish U.S. Federal Reserve.

The tech-heavy Nikkei ended the day up 0.6% at 31,936.51, building on Tuesday's 2.4% surge. It had earlier pushed as high as 32,037.07, crossing the psychological 32,000 line for the first time since Oct. 2.

Chip-related shares comprised four of the six biggest percentage gainers, led by Lasertec's 6.33% jump. Startup investor SoftBank Group was another notable member of the top six, rising 2.64%.