TOKYO (Reuters) -Japan's Nikkei gauge of blue-chip stocks powered to a record high on Tuesday, taking its cue from all-time peaks scaled by many global markets this year.

Here are analysts' comments about the rally in Japanese stocks:

SHOICHI ARISAWA, GENERAL MANAGER OF THE INVESTMENT RESEARCH DEPARTMENT AT IWAICOSMO SECURITIES, TOKYO

"The speed of the rally in the past few days is too fast. It is surprisingly fast particularly because we have not seen any new positive market-moving catalysts.

"Japanese shares were lagging behind other countries, particularly in Europe. European shares rose because investors shifted their focus away from the U.S.

"Japan has become a target now because the country's corporate outlook is good and the impact of U.S. tariffs seems not as serious as the market had expected. There will be more companies which will revise up their outlook due to the limited impact of the U.S. tariffs. The yen remains weak, which is also positive for Japanese companies."

MATT SIMPSON, SENIOR MARKET ANALYST, CITY INDEX, BRISBANE

"Whether we call it the Trump pump or the Taco trade, it's all the same really. Asian indices are broadly higher on headlines of the U.S. and China extending their trade truce by 90 days.

"The Topix may have been first to its record high...but it just seemed a matter of time before the Nikkei joined the club."

TAKAMASA IKEDA, SENIOR PORTFOLIO MANAGER AT GCI ASSET MANAGEMENT, TOKYO 

"The Nikkei was not able to hit a record until today because chip-related shares and auto shares dragged the index. The Nikkei could soon peak as technology shares that led the Wall Street's rally have slowed down."  

NORIHIRO YAMAGUCHI, ECONOMIST, OXFORD ECONOMICS, TOKYO

"Japanese equities are rising sharply due to a combination of positive factors, including the extension of U.S.-China tariff talks, the correction of tariff structures on Japanese product by the U.S., and the weak yen.

"Trading volumes are low because it is the Obon holiday in Japan now. This is a time when equity prices tend to fluctuate significantly both up and down. Volatility is likely to remain high for the time being."

HIROYUKI UENO, CHIEF STRATEGIST AT SUMITOMO MITSUI TRUST ASSET MANAGEMENT, TOKYO

"The Nikkei could cross the 43,000 level. Investors who did not expect this sharp rise are scooping up stocks in a hurry.

"U.S. economy is better than the market had expected earlier this year. And if the Fed starts cutting rates, shares are only going to go up. The Japanese corporate outlook is also better than the market had expected."