Shares of Olympus Corp <7733.T> surged more than 5 percent after the company's board signalled plans to quit on Wednesday over a $1.7 billion (1.1 billion pound) accounting fraud engulfing the firm, but said will likely pick a team of potential successors.

Olympus was last up 4.8 percent at 1,180 yen.

The company also said on Wednesday it would set up two expert panels to consider legal steps against those responsible for a huge loss cover-up scheme and to examine the responsibility of auditors.

(Reporting By Mari Saito; Editing by Chris Gallagher)