January 5, 2017 / 6:50 AM / in 2 years

Nikkei drops as yen strengthens; Sharp soars on report to list LCD venture

TOKYO, Jan 5 (Reuters) - Japan’s Nikkei fell on Thursday as the dollar fell against the yen on uncertainy over what the new U.S. presidency will bring, while Sharp Corp jumped after a report that it will consider listing its LCD joint venture between it and Hon Hai.

The Nikkei share average dropped 0.4 percent to 19,520.69 points.

Sharp surged 11 percent after the Nikkei reported in the afternoon that the company will consider an initial public offering for Sakai Display Products Corp, the LCD joint venture between it and Hon Hai Precision Industry Co.

The dollar has been weak against the yen throughout Asian trading as minutes from the U.S. Federal Reserve’s December meeting showed concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate increases.

In afternoon trade, the dollar stepped further away from a 14-year peak against a basket of major currencies as the market was spooked by sharp falls in the dollar against the Chinese yuan.

The dollar slipped almost one percent at one point to 116.08 yen. At 0630 GMT, it was at 116.26.

The broader Topix gained 0.1 percent to 1,555.68 and the JPX-Nikkei Index 400 advanced 0.1 percent to 13,950.40. (Reporting by Ayai Tomisawa; editing by Simon Cameron-Moore)

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