Canon climbs to three-week high after share buyback announcement

Reuters
A man takes a downward escalator in front of an advertisement of Canon digital cameras at an electronics retail store in Tokyo July 24, 2013. REUTERS/Issei Kato

TOKYO (Reuters) - Shares in Canon Inc advanced 2.4 percent to a three-week high of 3,154 yen on Wednesday after it said it will buy back up to 50 billion yen ($488.5 million) worth of its own shares, or 1.6 percent of its outstanding shares. Canon shares are down 5.5 percent since the start of 2014, adding to a 0.3 percent drop last year, when the benchmark Nikkei rallied 57 percent. ($1 = 102.3550 Japanese yen) (Reporting by Dominic Lau)