Japanese stocks rose Wednesday after Citigroup announced that it would take full control of brokerage Nikko Cordial, sending its shares and those of rivals higher.

The Nikkei 225 rose 8.71 points, or 0.05 percent to 17,055.49. The broader Topix Index rose 9.12 points, 0.56 percent, to $1,648.91.

Shares of Nikko Cordial rose 13.7 percent on news that Citigroup will make a stock swap for all outstanding shares of the firm in a deal worth 530 billion yen ($4.6 billion).

Meanwhile, rivals Nomura and Resona Holdings both rose 4 percent. Daiwa Securities Group was up nearly 6 percent.