Japanese shares extend two-year highs; yen bounces

| Updated: October 24, 2017 13:13:05

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Japan’s Nikkei rose to two-year highs, cheered by an upbeat outlook for the global economy though gains were trimmed by the close as the yen bounced against the dollar.

The day’s biggest mover was Japan Display, which rallied on a report that it had developed methods to mass-produce OLED panels at a low cost.

The Nikkei ended Wednesday 0.06 per cent up at 20,626.66 after reaching 20,689.05, a high last touched in August 2015.

The broader Topix closed effectively flat at 1,684.56 after rising to 1,688.59, also a top last seen in August 2015.

Japan Display rose as much as 29 per cent, reports Reuters.

Aomori Bank Ltd dropped as much as 9.5 per cent to its lowest since November 2016 after announcing a plan to issue 2.6 million new shares through a public offering.

Fast Retailing rose as much as 2.4 per cent to its highest since mid-July after the operator of Uniqlo clothing outlets said its domestic same-store sales rose 6.3 pct in September from a year earlier.

Sakata Seed Corp rose 2.1 per cent after the seed and gardening product supplier said it bought Jordan-based cucumber cultivating company Al Mourog Al Kasbah for Agri & Vet Co.

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