Flying higher increses the efficiency of jet engine becuse of the fule/air mix ratio, among other things.
The B742 is certified right up to 42,000ft with a normal long range cruise being 35-39,000ft.
As the air gets thinner (some 10x less dense at 7 miles high!) you have to fly "faster" to maintain the same airspeed.
Put another way, at low altitudes, there are alot of air molecules hitting the aircraft, which will register a certain speed. If you go higher, the number of air molecules decreases, so you have to fly at a faster ground speed, to maintain the same AIRSPEED.
So, at FL400, whil your AIRSPEED might be 300kts, your GROUNDSPEED will be 650Kts.