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Pfizer vaccine hopes give Asia markets a shot in the arm

Developers report initial 'success' but analysts warn of long rollout

TOKYO/NEW YORK -- Investors in Asian markets snapped up pandemic-hit stocks on Tuesday on hopes of a breakthrough against COVID-19 after drugmaker Pfizer indicated its candidate vaccine had proved more than 90% effective in its most widespread trial.

Japan's equity benchmark Nikkei Stock Average at one point surged over 400 points, or 1.7%, on Tuesday morning, reaching the 25,000 threshold for the first time in 29 years. The broader Topix also jumped over 1% and reached its highest point in nine months.

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