Nikkei climbs to 10-month high on weaker yen; chip-related stocks shine

  • Reuters
  • Stock Market News
Nikkei climbs to 10-month high on weaker yen; chip-related stocks shine
Credit: © Reuters.

TOKYO, Oct 16 (Reuters) - Japanese shares rallied to more than 10-month highs on Wednesday as a weaker yen lifted blue-chip exporters, while chip-related stocks advanced, taking their cue from Wall Street peers.

The benchmark Nikkei average .N225 rose as much as 1.8% to 22,615.47, its highest intra-day level since Dec. 3 in early trade, following gains of 1.9% on Tuesday. It ended the morning session up 1.5%.

The broader Topix .TOPX added as much as 1.6% to 1,646.09, also a more than a 10-month high, after posting another 1.6% gain the previous day. It rose 1.1% by the midday break.

Overnight, the Japanese yen JPY= hit a 2-1/2 month low of 108.90 yen against the greenback as investors flocked to riskier assets on hopes of an orderly British exit from the European Union.

Yen-sensitive automakers were in demand, with Toyota Motor Co 7203.T rising 1.2% and Mazda Motor 7261.T jumping 2.3%.

Among other blue-chip exporters, NIDEC 6594.T advanced 2.3%, Mitsubishi Electric 6503.T soared 3.5% and Omron 6645.T climbed 2.7%.

Chipmaking-related firms also got a boost after the U.S. Philadelphia semiconductor index hit a record high and NVIDIA NVDA.O soared 5.3% on Tuesday. Tokyo, Tokyo Electron 8035.T added 1.8%, Advantest 6857.T jumped 3.7% and Screen Holdings 7735.T climbed 2.4%.

Elsewhere, Unizo Holdings 3258.T surged 4.8% after private equity firm Blackstone (NYSE: BX ) ratcheted up its pursuit of the Japanese hotel operator by launching a 5,000-yen-per-share tender offer.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles