Nikkei rises as yen weakens lifting exporters' shares

Reuters | | Updated on: Jan 19, 2018

Japanese stocks rose in choppy trade on Thursday after the yen resumed its weakening trend against the US dollar, lifting exporters' share prices and broader market sentiment.

The Nikkei share average gained 1.4 per cent to 16,140.34. Japan's benchmark index rose on an overnight bounce in oil prices during its morning session, then added to those gains in the afternoon as the yen moved away from its recent highs.

Sharp Corp shares ended 14.4 per cent lower after the struggling electronics firm agreed to a takeover by Taiwan's Foxconn.

The takeover news first sent its share prices up 5.8 per cent before details emerged indicating the possibility of a larger-than-expected dilution of its stock. The deal represents the largest acquisition of a Japanese tech firm by a foreign company and one that will bolster Foxconn's position as Apple Inc's largest supplier.

The broader Topix rose 1.8 per cent to end the day at 1,307.54 with each of its 33 subindexes in positive territory.

The JPX-Nikkei Index 400 climbed 1.9 per cent to 11,841.88.

Published on February 25, 2016
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