TOKYO, Nov 25 — Tokyo stocks opened higher today as investors took heart from rallies on Wall Street thanks to receding US political uncertainty.
The benchmark Nikkei 225 index was up 1.22 per cent or 319.71 points at 26,485.30 in early trade, while the broader Topix index advanced 1.08 per cent or 18.95 points to 1,781.35.
“Japanese shares are seen testing the upside with investors encouraged by sharp rallies in US stocks,” said Okasan Online Securities chief strategist Yoshihiro Ito.
The US Dow soared above 30,000 points for the first time with investors now more reassured that the United States can avoid a constitutional crisis over the transition of power following elections earlier this month in which Joe Biden defeated President Donald Trump.
Trump still has not conceded, but on Monday his administration officially authorised a transition, clearing the way for Biden to have access to funds, office space and the ability to meet with federal officials.
The dollar fetched ¥104.51 (RM4.09) in early Asian trade, against ¥104.43 in New York late yesterday.
Among major shares in Tokyo, Uniqlo casual wear operator Fast Retailing was up 3.19 per cent at ¥85,650, Sony was up 0.84 per cent at ¥9,570, and parts maker Shin-Etsu Chemical was up 1.32 per cent at ¥16,125.
Airlines were among winners, with ANA Holdings trading up 2.60 per cent at ¥2,547.5 and Japan Airlines rallying 3.08 per cent to ¥2,072.
On Wall Street, the Dow ended up 1.5 per cent at 30,042.71. — AFP
