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Japanese stocks rose on Tuesday, with exporters lifted by the yen's weakening against the dollar and technology shares taking heart from gains in their American peers. The Nikkei share average was 0.91 per cent higher at 22,575.43.
During morning trade, the index briefly touched 22,614.87, its highest since September 5.“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 dollars worth of Chinese imports, allowing for some short-covering to kick in and lift the Nikkei.”
The yen slipped against the dollar for the third day, lifting exporters. Toyota Motor Corp rose 1.8 per cent, Panasonic gained 0.9 per cent and Tokyo Electron was up 1.6 per cent. Bridgestone Corp added 0.5 per cent.
Technology shares climbed as their US counterparts bounced overnight following last week's large losses, with the tech-heavy Nasdaq climbing 0.3 per cent. Renesas Electronics Corp was up 5.7 per cent after the company had said on Tuesday it had agreed to buy US peer Integrated Device Technology Inc for about $6.7 billion, aiming to boost its expertise in self-driving car technologies.
Advantest Corp rose 2.7 per cent, SUMCO Corp advanced 2.4 per cent and Screen Holdings climbed 3 per cent. Kyocera Corp was up 1.8 per cent. Shares of Kaga Electronics Co rose 5.5 per cent after the semiconductor manufacturer announced that it would buy Fujitsu Electronics from Fujitsu Semiconductor for ¥20.54 billion ($184 million).
Samco Inc , a manufacturer of equipment used to make electronic components, gained 5.1 per cent after reporting strong earnings, with sales for the year through July 2018 surging 74.9 per cent from the previous year to 5.47 billion yen.
Suminoe Textile Co rose 6.1 per cent after the company said it will repurchase 500,000 shares, or 6.6 percent of outstanding stock. Of Tokyo's 33 sub-indexes, 25 were in positive territory. The broader Topix added 0.4 per cent to 1,694.41. ($1 = 111.4300 yen)
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