August 1, 2018 / 2:27 AM / 15 days ago

Nikkei rises, weaker yen and strong corporate earnings boost sentiment

* Nikkei up 0.5 pct, Topix gains 0.55 pct

* Blue chips such as Sharp, Sony and Nintendo up on solid earnings

* Apple-linked shares gain after iPhone maker posts strong results

* Latest trade-related headlines take in stride for now

By Shinichi Saoshiro

TOKYO, Aug 1 (Reuters) - Japan’s Nikkei share average rose on Wednesday, supported by a stronger Wall Street and a weaker yen, with blue chips such as Sony and Sharp gaining on strong earnings and lifting overall sentiment.

The Nikkei was up 0.5 percent at 22,672.63.

“The gains by U.S. shares and the yen’s depreciation are supportive for the Nikkei. It has become easier for the market to focus on such supportive factors with the Bank of Japan’s policy meeting over,” said Yutaka Miura, senior technical analyst at Mizuho Securities.

The Dow climbed 0.43 percent and the S&P 500 advanced roughly 0.50 percent overnight, boosted by gains in industrial shares.

The dollar traded around 111.76 yen, having rallied from a low of 110.75 after the BOJ tweaked monetary policy on Tuesday but pledged to keep rates low for an extended period.

Reports that the Trump administration plans to propose slapping a 25 percent tariff on $200 billion of Chinese imports, after initially setting them at 10 percent, were taken in stride for now, with Chinese shares gaining and dollar/yen largely stable.

Robust corporate results from abroad and at home helped lift a variety of shares on Tuesday.

Sony Corp rose 4.8 percent after the company reported record first quarter profit thanks to a surge in the sales of game software.

Supported by strong sales of Switch game titles, Nintendo Co reported a better-than-expected 88 percent jump in first quarter operating profit and the company’s shares were up 5.6 percent.

Sharp Corp gained 6.2 percent after its first quarter operating profit soared 45 percent on the back of its core display business and strong sales of camera modules and sensors.

Apple-linked shares also advanced after the iPhone maker posted quarterly results that topped Wall Street targets and forecast above-expected revenue in the current quarter.

Electronic component maker Kyocera Corp rose 6 percent and display manufacturer Nitto Denko Corp added 5.5 percent.

Declining shares included semiconductor maker Renesas Electronics, which slumped more than 7 percent. The company posted a rise in operating profit for the six months through June but forecast a decline for the year through December.

The broader Topix gained 0.55 percent to 1,762.92. (Editing by Shri Navaratnam)

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