September 11, 2018 / 2:16 AM / 2 months ago

Japan stocks gain as yen, Nasdaq boost exporters and tech shares

* Nikkei up 0.91 pct, Topix gains 0.4 pct

* Exporters lifted as yen weakens for 3rd day vs dollar

* Gains by U.S. peers lift tech shares

By Shinichi Saoshiro

TOKYO, Sept 11 (Reuters) - 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 percent higher at 22,575.43.

During morning trade the index briefly touched 22,614.87, its highest since Sept. 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 percent, Panasonic gained 0.9 percent and Tokyo Electron was up 1.6 percent. Bridgestone Corp added 0.5 percent.

Technology shares climbed as their U.S. counterparts bounced overnight following last week’s large losses, with the tech-heavy Nasdaq climbing 0.3 percent.

Renesas Electronics Corp was up 5.7 percent after the company said on Tuesday it had agreed to buy U.S. 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 percent, SUMCO Corp advanced 2.4 percent and Screen Holdings climbed 3 percent. Kyocera Corp was up 1.8 percent.

Shares of Kaga Electronics Co rose 5.5 percent after the semiconductor manufacturer announced that it would buy Fujitsu Electronics from Fujitsu Semiconductor for 20.54 billion yen ($184 million).

Samco Inc, a manufacturer of equipment used to make electronic components, gained 5.1 percent after reporting strong earnings, with sales for the year through July 2018 surging 74.9 percent from the previous year to 5.47 billion yen.

Suminoe Textile co rose 6.1 percent 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 percent to 1,694.41. ($1 = 111.4300 yen) (Reporting by Shinichi Saoshiro Editng by Eric Meijer)

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