TOKYO, Oct 16 ― Tokyo stocks opened higher today tracking rallies on Wall Street following a batch of strong corporate earnings, with a cheap yen against the dollar also supporting the Japanese market.
The benchmark Nikkei 225 index was up 1.20 per cent or 266.56 points at 22,473.77 in early trade, while the broader Topix index was up 1.04 per cent or 16.77 points at 1,636.97.
“After US shares gained thanks to positive corporate earnings, the Japanese market is seen rising supported by rallies in the US and a cheaper yen,” Toshiyuki Kanayama, senior market analyst at Monex, said in a note.
The dollar fetched ¥108.83 (RM4.19) in early Asian trade, against 108.84 yen in New York and ¥108.35 in Tokyo yesterday. The greenback was stronger than the below-¥108 levels last week.
In Tokyo, shipping firms were among winners, with Mitsui OSK Lines trading up 1.67 per cent at ¥3,035 and Nippon Yusen up 1.89 per cent at ¥1,936.
Automakers were also higher, with Toyota trading up 1.39 per cent at ¥7,488, Nissan up 1.74 per cent at ¥692.4 and Honda up 0.93 per cent at ¥2,926.5.
On Wall Street, the Dow ended up 0.9 per cent at 27,024.80. ― AFP
