The Nikkei soared 3% earlier today helped by Wall Street’s lead and the news that NEC Electronics was in merger talks with Renesas. Mitsubishi Electric , a 45% owner of Renesas and Hitachi Ltd, which owns the rest both rallied 4.4% and 2.2% respectively on the news. The merger would create the worlds third largest chipmaker.
The Nikkei rally has now met some profit takers and renewed sell interest after the lunch break on the back of China’s GDP number. The Nikkei is currently up 1.6%.
