Japan stocks rise on weaker yen, Nasdaq gain; US deal lifts Renesas

  • Reuters
  • Stock Market News
Japan stocks rise on weaker yen, Nasdaq gain; US deal lifts Renesas
Credit: © Reuters.

* Nikkei up 1.3 pct, biggest pct gain since Aug 14

* Exporters lifted as yen weakens for 3rd day vs dollar

* Gains by U.S. peers help Japan's tech shares

* Renesas surges on news it is buying chipmaker IDT

By Shinichi Saoshiro

TOKYO, Sept 11 (Reuters) - Japanese stocks had their best day in four weeks on Tuesday, with exporters lifted by the yen's weakening against the dollar and technology shares boosted by gains for Wall Street counterparts.

The Nikkei share average .N225 ended the day 1.3 percent higher at 22,664.69. The percentage gain was the biggest day since Aug. 14 and the close was the highest since Sept 4.

"The yen's depreciation is the key driver, with gains by the S&P 500 and Nasdaq providing additional support," said Yutaka Miura, senior technical analyst at Mizuho Securities.

"Trade friction remains a concern, but the United States is yet to activate the tariffs on $200 billion worth of Chinese imports, allowing for some short covering to kick in and lift the Nikkei," he said.

The yen JPY= slipped against the dollar for the third day, lifting exporters.

Toyota Motor Corp 7203.T rose 1.6 percent, Panasonic 6752.T gained 0.79 percent and Tokyo Electron 8035.T was up 1.15 percent. Bridgestone Corp 5108.T added 0.43 percent.

Technology shares climbed as their U.S. counterparts bounced overnight following last week's large losses, with the tech-heavy Nasdaq .IXIC climbing 0.3 percent.

Renesas Electronics Corp 6723.T , which announced on Tuesday it is buying U.S. peer Integrated Device Technology Inc IDTI.O for about $6.7 billion, jumped 4.4 percent. With the deal, Renesas aims to boost its expertise in self-driving car technologies. Corp 6857.T rose 2.51 percent, SUMCO Corp 3436.T advanced 2.29 percent and Screen Holdings 7735.T climbed 2.54 percent. Kyocera Corp 6971.T was up 2.34 percent.

Shares of Kaga Electronics Co 8154.T surged 5.41 percent after the semiconductor manufacturer announced it would buy Fujitsu Electronics from Fujitsu Semiconductor for 20.54 billion yen ($184 million). Inc 6387.T , a manufacturer of equipment used to make electronic components, gained 5.17 percent after reporting strong earnings, with sales for the year through July 2018 surging 74.9 percent from the previous year to 5.47 billion yen. Textile co 3501.T rose 5.45 percent after the company said it will repurchase 500,000 shares, or 6.6 percent of outstanding stock. store chair operator Lawson Inc 2651.T dipped 0.3 percent after saying existing store sales fell 0.2 percent in August from the previous year.

Fellow convenience store operators Seven & i Holdings Co 3382.T and FamilyMart UNY Holdings Co 8028.T rose 1.47 percent and 3.78 percent, respectively, after they posted increases in August same-store sales.

Of Tokyo's 33 sub-indexes, 27 closed in positive territory.

The broader Topix .TOPX added 0.67 percent to 1,698.91. ($1 = 111.4300 yen) (Editing by Richard Borsuk)

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