TOKYO, Nov 26 (Reuters) - Japan's benchmark Nikkei hit its
highest level in more than a year on Tuesday, led by electronics
parts and semiconductor-related stocks as a weaker yen and
progress in Sino-U.S. trade talks buoyed appetite for
export-oriented firms.
The Nikkei share average .N225 climbed as much as 1.35% to
23,608.06, its highest level since Oct. 5, 2018, and ended the
morning session up 0.6% at 23,431.74.
Tokyo shares tracked regional gains after China's commerce
ministry said Vice premier Liu He, China's chief trade
negotiator, held a call with his U.S. counterparts and that both
sides agreed to maintain communication on remaining
issues. Wall Street's three major stock indexes .SPX .DJI .IXIC
closed at records on Monday on the reports of progress on a
tariff truce between the world's two largest economies. .N/C
A Chinese state-backed tabloid said Beijing and Washington
were "very close" to an initial pact, which lifted New
York-listed semiconductor and other trade-sensitive stocks.
Taking a positive cue from this, chip-related and
electronics component firms were also buoyant in Tokyo on
Tuesday.
SUMCO Corp 3436.T and Advantest Corp 6857.T climbed 3.1%
and 2.9%, respectively, and Murata Manufacturing Co 6981.T and
TDK Corp 6762.T jumped 3.9% and 3.7%, respectively.
The Japanese yen JPY= weakened by as much as 0.3% to
109.205 versus the dollar on Tuesday, supporting exporters as a
softer yen boosted overseas corporate profits.
Export-oriented Fanuc Corp 6954.T advanced 2.2%, while
Toshiba 6502.T added 1.7% and Sony Corp 6758.T rose 1.6%.
Hitachi Ltd 6501.T gained 2.3% after the Nikkei business
daily reported on Monday that the Japanese conglomerate is
nearing a deal to sell its 51% stake in Hitachi Chemical Co to
Showa Denko KK 4004.T in a transaction that could be worth
about 950 billion yen ($8.7 billion).
Hitachi Chemical 4217.T soared 15.6%, while Showa Denko
4004.T shed 4.9% to become the fifth-most traded stocks on the
main board as the transaction amount appears to be too big for
the chemical engineering group. Elsewhere, Asahi Kasei Corp 3407.T climbed 2.3% after the
Japanese chemical firm made a $1.3 billion offer to buy
Denmark's pharmaceutical company Veloxis VELOX.CO .
The broader Topix .TOPX rose 0.5% to 1,710.81 by the
midday break.
($1 = 108.6400 yen)