TOKYO: Japan's Nikkei eked out small gains on Wednesday, as some technology firms rallied after US tech giants drove the S&P 500 to a record peak overnight, and in dollar terms the benchmark is very close to reaching a three-decade high.

The Nikkei share average rose 0.26% to 23,110.61, after two straight sessions of losses. The broader Topix edged up 0.18% to 1,613.73. In dollar terms, it stood at 219.10, just 0.3% below its 2019 peak, which was the highest since 1990.

Softbank Group, which invests in tech firms around the world, rose 3.3% while Nintendo gained 1.0% to a 12-year high.

IT equipment and service firms Fujitsu and NEC gained 2.4% and 3.7%, respectively.

The Mothers index rallied to a two-year high, with Modalis Therapeutics, which listed earlier this month, gaining 10.4%.

Sony, meanwhile, dropped 2.8% following the news that Third Point LLC has sold off a large part of its investment in the company, although some investors think the long-term impact of the US activist fund's move would be negligible. Sony was also under pressure due to concerns over Washington's tightening restrictions on sales to China's Huawei Technologies.