  We report on a high statistics measurement of the total and differential
cross sections of the process gamma gamma -> pi^+ pi^- in the pi^+ pi^-
invariant mass range 0.8 GeV/c^2 < W < 1.5 GeV/c^2 with 85.9 fb^{-1} of data
collected at sqrt{s}=10.58 GeV and 10.52 GeV with the Belle detector. A clear
signal of the f_0(980) resonance is observed in addition to the f_2(1270)
resonance. An improved 90% confidence level upper limit Br.(eta'(958) -> pi^+
pi^-) < 2.9 x 10^{-3} is obtained for P- and CP-violating decay of the
eta'(958) meson using the most conservative assumption about the interference
with the background.
