Tokyo stocks open higher on US rallies, cheaper yen


Tokyo, Japan | AFP | 

Tokyo stocks opened higher on Monday, taking heart from rallies in New York and a cheaper yen against the dollar.

(FILES) This file photo taken on October 26, 1987 shows floor traders attempting to give orders at the Tokyo Stock Exchange in Tokyo. – As Emperor Akihito prepares to step aside at the end of April 2019 and make way for his son Crown Prince Naruhito, the boom time excesses of the 1980s have long gone, replaced by lingering worry about stagnation in the world’s third-largest economy. (Photo by RYOSUKE KAGIWADA / AFP) / TO GO WITH Japan-royals-emperor-economy,FOCUS by Anne BEADE and Miwa SUZUKI

The benchmark Nikkei 225 added 1.23 percent, or 269.38 points, to 22,139.94, while the broader Topix index was up 1.31 percent, or 21.03 points, at 1,626.43.

The dollar fetched 112.07 yen in early Asian trade, up from 111.99 yen in New York late Friday.

Read: Tokyo stocks open higher, following Wall Street

“Rallies in US shares and a cheaper yen are seen helping boost Japanese shares,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

Shuji Hosoi, senior market strategist at Daiwa Securities, added that the focus this week is on Japan-US trade negotiations and a series of Chinese economic indicators, including first-quarter GDP growth figures due on Wednesday.

As optimism grows that the United States and China are nearing a trade deal, Japan kicks off its own negotiations with Washington from Monday.

US Trade Representative Robert Lighthizer and Japan’s Economy Minister Toshimitsu Motegi are set to embark on two days of talks in Washington.

The first round of talks will likely focus on the scope of future negotiations rather than specifics however.

Read: Tokyo stocks open higher tracking rallies in US market

In Tokyo, blue-chip exporters were broadly higher, with Sony gaining 1.24 percent to 5,266 yen, Hitachi adding 2.09 percent to 3,699 yen, Olympus up 2.64 percent at 1.242 yen and Toyota rising 0.73 percent to 6,839 yen.

On Wall Street, the Dow ended up 1.0 percent at 26,412.30.

Related:
Recovery from 'economic implosion' could take decades: IMF

kh/ric/mtp

© Agence France-Presse


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