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 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 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 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.

Source : Reuters