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Nikkei hits three-week high on weak yen, Renesas jumps on Apple news

Reuters | Last Updated: Wednesday, April 2, 2014 - 12:42

Tokyo: Japan`s Nikkei share average rose to a fresh three-week high on Wednesday as sentiment was helped by a weakening yen, while Renesas Electronics Corp jumped on news that it is in talks with Apple Inc and other potential buyers to buy its stake in a smartphone display chip unit.

Renesas soared as much as 19 percent to 934 yen - its highest since March 2011 - before ending up 6.0 percent.

Renesas is considering selling its 55 percent stake in Renesas SP Driver which makes semiconductors that control displays, sources told Reuters.

The Nikkei ended up 1.0 percent at 14,946.32, the highest closing level since March 11.

The broader Topix rose 0.6 percent to 1,211.36. The JPX-Nikkei Index 400, a gauge comprised of companies with a high return on equity and robust corporate governance, added 0.6 percent to 10,966.92.

First Published: Wednesday, April 2, 2014 - 12:42
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