Nikkei rises to near 2-week high in heavy trade after China rate cut
TOKYO, May 11 (Reuters) - Japanese stocks jumped on Monday to a near two-week high in heavy trade after China cut interest rates over the weekend while Wall Street gained on strong U.S. jobs data, helping offset a plunge in shares of Sharp Corp and Toshiba Corp. The Nikkei 225 ended 1.3 percent higher to 19,620.91, the highest closing price since April 28. The broader Topix added 0.7 percent to 1,598.33 in heavy trade, with 2.89 billion shares changing hands, the highest since March 13. The JPX-Nikkei Index 400 also advanced 0.7 percent to 14,458.20. Sharp tumbled 26 percent and was the fifth most traded stock by turnover after saying it was considering a capital reduction and preferred share issuance. Toshiba slumped 17 percent after it cancelled a dividend payment and withdrew its earnings outlook as it expanded an investigation into accounting irregularities which began last month. (Editing by Jacqueline Wong; Editing by Simon Cameron-Moore)
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