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. In 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 ratcheted up its pursuit of the Japanese
hotel operator by launching a 5,000-yen-per-share tender offer.