Tokyo stocks open higher on ECB stimulus, cheaper yen

A cheaper yen against the dollar was also supporting the market but profit-taking may emerge later ahead of a three-day weekend, it added. — Reuters pic
A cheaper yen against the dollar was also supporting the market but profit-taking may emerge later ahead of a three-day weekend, it added. — Reuters pic

TOKYO, Sept 13 — Tokyo stocks opened higher today as investors cheered a massive stimulus programme from the European central bank that eased worries over the global economy, as well as a cheaper yen.

The benchmark Nikkei 225 index was up 0.59 per cent or 128.72 points at 21,888.33 in early trade, while the broader Topix index gained 0.26 per cent or 4.12 points to 1,599.22.

“Relief after the ECB board meeting, as well as an expectation of progress in the US-China trade talks, are prompting a strong start in the market,” Okasan Online Securities said in a commentary.

A cheaper yen against the dollar was also supporting the market but profit-taking may emerge later ahead of a three-day weekend, it added.

The dollar fetched ¥108.13 (RM4.16) in early Asian trade, against ¥108.11 in New York and ¥107.98 in Tokyo yesterday.

Shipping firms were higher, with Mitsui O.S.K. Lines trading up 0.48 per cent at ¥2,930 and Nippon Yusen up 0.81 per cent at ¥1,848.

Pharmaceuticals were also higher, with Takeda higher by 0.48 per cent at ¥3,737 and Daiichi Sankyo climbing 0.51 per cent to 6,961.

In New York, the Dow ended up 0.2 per cent at 27,182.45. — AFP

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